EU and International Affairs
Most (around 60%) recent legislation and regulations affecting insurers trading from or within Ireland originates in Brussels. Legislation and regulations now in the EU pipeline will increase this proportion further as Europe moves closer to a common supervisory framework. In addition a number of supervisory requirements aimed at internationally active insurance groups may emerge from ComFrame – a long-term collaborative project by the IAIS (the International Association of Insurance Supervisors – comprising supervisors from 190 jurisdictions in 140 countries) aimed at standardising a number of regulatory and supervisory practices at a global level.
As members of Insurance Europe, Europe’s leading insurance trade association whose total membership represents 95% of European premium income and €7.7trn in economic investment. Insurance Ireland is the primary agent for tracking and interacting with international regulatory and supervisory processes and developments from an Irish-industry perspective.
We are currently represented on the following Insurance Europe committees: EcoFin, Single Market, Life, and Non-Life and also on a number of Working Groups and Task-Forces concerned with technical issues arising from legislative proposals.
The EU legislative process requires interaction from industry stakeholders such as Insurance Ireland and Insurance Europe at a number of different stages. To support this process we maintain contact with MEPs, European Commission officials and the Office of the Financial Services Attaché at the Irish Permanent Representation to the EU in Brussels.
Key EU issues we are currently dealing with include PRIPS, IMD II, Solvency II, Insurance Guarantee Schemes, Anti-Discrimination Directive, Financial Transaction Tax, Data Protection Regulation and VAT.
Insurance Ireland - The Voice of Insurance