Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I do not disagree with the Deputy. The position on compensation vis-à-visIreland and Malta is as outlined by the Deputy. However, there is an internal market in Europe and there is a right to establish and trade. There is a free-flow of goods and services and insurance is one of the industries that benefits from the Internal Market. For example, some very large insurance companies operating here trade on the continent of Europe. Zurich is a huge employer here and trades very well. Even though its host regulator is the Central Bank of Ireland, it has various regulators where it trades. In general, the system seems to work.

In terms of the lessons to be learned, the principal lesson to be learned, as in all such situations, is caveat emptor, let the buyer beware. I would like brokers to have a more active role in advising customers because not only should they get the best deal for people who seek insurance through brokers, they should also provide a type of prudential service and advice on what they believe are sound companies and so on. Some brokers do this very well but others do not.

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