Consistent cross border insurance supervision is vital for Ireland’s economy, its insurance sector and its customers
Kevin Thompson, CEO of Insurance Ireland, addressed the conference of the European Insurance and Occupational Pensions Authority (EIOPA) today on the importance of supervision of cross-border business for Irish customers and the future of its insurance sector.
Speaking on a panel discussing ‘Supervision of Cross-Border Business: Have the lessons learnt from the crisis been implemented?’, Kevin said, “The Irish cross border sector writes business into over 110 countries with over 25 million customers, so the supervision of insurance is vitally important in terms of customer outcomes and economic activity. As a small, open and export-orientated economy, Ireland needs consistent and comprehensive supervision of insurance activity in Europe. We support an ambitious Europe and believe consumers should benefit from insurance capacity in any number of countries with appropriate protection and safeguards.
Central to this is the operation of the Freedom of Services and Freedom of Establishment models that allow insurance “passporting” into and out of Ireland. Enhancing these models can promote European integration, support regulatory convergence and create a level playing field for all operators. A supervisory approach that focuses on these outcomes is in the best interests of customers and the future of the single market.”
This was the first time the Irish insurance sector has addressed the EIOPA conference and comes as part of Insurance Ireland’s European strategy to advance the interests of the sector and its customers. In March, Insurance Ireland opened a European office and hired a Brussels-based Head of European Affairs and International Insurance.