Eoghan Murphy (Dublin Bay South, Fine Gael)
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There are a few issues. The first is the introduction of Solvency II, which should protect most insurance entities from ever having to fall into a liquidation or administration scenario. That is a major change in Europe that will give some good protection. The Central Bank has increased its market intelligence in terms of understanding how entities are being regulated in their home jurisdiction if they are operating into Ireland on a freedom of enterprise or freedom of service basis, and that is another positive. The Senator is probably aware from looking at some of the international press that work is under way to find more convergence in the regulation and operation of insurance in the Single Market. We do not have the same rule book that we have in the banking sector in Europe. There are moves now under way, partly as a result of Brexit, that will see more convergence around supervision when it comes to insurance entities. That will be a further protection. The new framework we have agreed in principle with the insurance industry, for which we will see heads of a Bill at the end of June, will bring protection for the consumer at the other end. To answer the Senator's question, much work has been done to prevent what happened with Setanta being repeated, but if that does happen, it will prevent the customer from being at a disadvantage as a result.