Ireland Insurance Industry – Governance, Risk and Compliance
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Ireland Insurance Industry Regulation Overview
The insurance industry in Ireland is supervised by the Life and General Insurance Supervision Divisions of the Central Bank of Ireland. The other regulatory bodies in the country are IAIS, EIOPA, and FERMA.
The Ireland insurance industry governance regulation research report is the result of extensive research into the insurance regulatory framework in Ireland. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Key Regulators | · Central Bank of Ireland (CBI)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Ireland Insurance Industry – Key Regulators and Legislation
Central Bank of Ireland (CBI): The primary objective of the Central Bank of Ireland is to maintain the stability of the financial system. It effectively regulates the financial institutions and markets, while ensuring that consumers of financial services are protected. It monitors the efficient and effective operation of payment and settlement systems.
European Insurance and Occupational Pensions Authority (EIOPA): The EIOPA, which is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the European Union. The main responsibilities of EIOPA are to support the financial system stability, transparency of markets and financial products, and protection of insurance policyholders, pension scheme members and beneficiaries of all EU member states. One of the main responsibilities of EIPOA is the preparation of the new supervisory regime for insurance and reinsurance undertakings in the EU(SolvencyII).
A few of the legislation governing the Ireland insurance industry are:
- European Communities (Life Assurance) Framework Regulations, 1994
- European Communities (Non-Life Insurance) Framework Regulations, 1994
- Insurance Acts 1909 to 2011
- European Communities (Reinsurance) Regulations 2006 (Reinsurance Regulations)
- European Communities (Insurance Mediation) Regulations 2005 (Mediation Regulations)
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Ireland Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Ireland insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
Compulsory Insurance in Ireland
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Ireland Insurance Industry - Company Registration and Operation
A license is required to operate in the Ireland insurance industry. In Ireland, insurance companies can obtain a license for a life or non-life insurance business. According to Article 17(6), a composite insurance license is not granted in the country, and insurance companies are not permitted to carry out both life and non-life insurance business simultaneously. In addition, the CBI also grants a reinsurance license to conduct reinsurance business in the country. Under a reinsurance license, a reinsurer can carry on both life and non-life reinsurance business.
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Ireland Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Ireland. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: Taxation in Ireland is regulated by the Office of the Revenue Commissioners according to the rules and regulations specified in the Taxes Consolidation Act 1997 and the annual Finance Acts. The corporate income tax for trading incomes is more than 12%. Non-life insurance companies are subject to corporate income tax as other companies; however, the method of determination of corporate income tax is different for life insurance companies.
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Scope
- The report covers details of the insurance regulatory framework in Ireland.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The Irish insurance industry is supervised and regulated by the Central Bank of Ireland.
- Reinsurers are permitted to carry out both life and non-life reinsurance business.
- Non-admitted insurance, in general, is not permitted in Ireland.
- Foreign ownership of up to 100% is permitted in the Irish insurance industry.
- Solvency II was implemented effective from January 1, 2016.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Ireland.
- Track the latest regulatory changes and expected changes impacting the Irish insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Ireland insurance industry?
CBI is the key regulator of the Ireland insurance industry.
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Which other bodies oversee the Ireland insurance industry?
IAIS, EIOPA, and FERMA are the regulatory and supervisory bodies that oversee the operations of the Ireland insurance industry.
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Which are the compulsory insurances required within the Ireland insurance industry?
A few of the compulsory insurances required within the Ireland insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, and professional indemnity insurance.
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What types of taxes are imposed upon the Ireland insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Ireland. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
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