Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

There is an unhealthy lack of competition.

I wish to elaborate on two other points. Should the European Insurance and Occupational Pensions Authority, EIOPA, be taking the lead role in achieving a consensus on regulation throughout Europe? The Governor of the Central Bank has responsibility for regulating the insurance sector in Ireland, but how can a consensus be achieved across Europe in respect of companies that are registered in other countries? Should we build the consensus through the EIOPA?

If the Supreme Court holds that the MIBI is responsible for repaying the policyholders of insolvent insurers, will the ICF no longer be fit for purpose or should it continue? Will the whole responsibility be passed on to the insurance sector? Has Mr. Mulligan or the society any view on how that might affect the sector?