Insurance distribution — new rules from 2018 Directive 2016/97 — insurance distribution rules It aims to improve the way insurance products are sold so that they will bring real benefits to consumers and retail investors in the EU. Key Points Under the new directive on insurance distribution*, consumers and retail investors buying insurance products or […]
Category: Insurance Regulation
Insurance Prudential [EU]
Regulation and Prudential Financial and prudential supervision is the responsibility of the home state authorities. They must monitor the entire business and must ensure that the requisite technical provisions are made, and that sound administrative and accounting procedures and controls are provided. There are separate detailed directives for life and non-life insurance. The conditions of […]
Insurance Companies
Types of Insurer There are separate schemes of authorisation and regulation for life and non-life insurance. The differences in the risks and nature of the business have justified separate legislation. Both are regulated by the Central Bank and contain many common features. In each case, Irish regulations made under the European Communities Act implement the […]
Insurance Intermediaries
Regulation Insurance companies, brokers and agents operate under the same broad scheme of regulation, as financial advisors and other financial product sellers. There are European-wide standards applying. The Central Bank, now the Central Bank is the insurance industry regulator. See the sections on financial services regulation. Insurance companies must be authorised by the Central Bank […]
Insurance and Consumer Protection
Monies Received The Consumer Protection Code applies to insurance in common with other consumer financial services. Insurance brokers are subject to much the same regulation and requirements as other financial and investment intermediaries. An insurance intermediary must lodge money it receives in respect of a premium in a segregated client premium account. It must operate […]
Insurance Business [EU]
Regulation The European Union has legislated in relation to insurance services. As part of the freedom of movement of capital and freedom to provide services, there is legislation setting down common principles of insurance regulation. An insurance company established and regulated in the state may provide services across borders or may establish itself in other […]