EU and International Affairs
Most recent legislation and regulations affecting insurers trading from or within Ireland originates in Brussels. Legislation and regulation now in the EU pipeline will increase this proportion further as Europe moves closer to a common supervisory framework.
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 tracks and interacts with international regulatory and supervisory bodies to inform the Irish industry’s operations.
We are currently represented on the following Insurance Europe committees: EcoFin, Conduct of Business, Personal Insurances, and Non-Life and also on a number of Working Groups and Task-Forces concerned with technical issues arising from legislative proposals. In addition, Insurance Ireland sits on the Insurance Europe Brexit Project Group which coordinates all Brexit-related activity in the organization and directly engages with Taskforce 50 in the European Commission which is responsible for representing the EU27 in the negotiations regarding the UK’s exit from the European Union.
Insurance Ireland also has a working group which informs our contributions to ensure the Irish industry’s views are provided to key European audiences. Furthermore, given the relevance of Brexit to our many of our members, we have utilised our calendar of events, including our Annual Lunch, to focus on Brexit by hosting journalists, economists, Government representatives and prominent commentators on the issue. This is an example of our approach to membership services which encompasses coordinated advocacy activity, thought leadership events and engaging forums for our members to inform our strategic approach to the major issues facing the industry.
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 PRIIPS, IDD, Data Protection Regulation Solvency II and Insurance Guarantee Schemes among others.
Insurance Ireland - The Voice of Insurance