Overview Life Assurance (Provision of Information) Regulations provide mandatory disclosure and prior information at the point of sale, prior to sale of life assurance policy. The Regulations do not apply to life assurance sold to persons resident outside the State, a life policy where none of the clients is an individual, life assurance sold to trustees of occupational pension schemes, contractors for creditor insurance, other […]
2019 Act The Consumer (Insurance Contracts) Act 2019 applies to life and nonlife insurance. There are a limited number of exceptions whereby certain limited categories of insurance are outside the scope of the Act. A consumer for the purpose of legislation is defined in the same manner as in the Financial Services and Pensions Ombudsman Act. This includes smaller businesses with turnover less than €3 […]
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 insurance-based investment products will benefit from: greater transparency of insurance […]
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 authorisation have been harmonised in the EU. The non-life insurance […]
Unclaimed Policies The Unclaimed Life Assurance Policy Acts applies to unclaimed policies in respect of which are monies payable in the State to a policyholder who has an address in the State. A policy is deemed unclaimed where its term has expired, where the amount would be payable to the policyholder if he made a claim and the insurance company has received no communication from […]
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 EU Directives. It is a feature of both schemes of […]
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 and are subject to ongoing supervision by it. There are […]
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 separate accounts for life and non-life business. It must ensure […]
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 EU states on the basis of regulation in the home […]