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

It is one downsides of the Single Market that a company regulated in Malta can sell insurance freely here and is subject to Maltese regulation. Changes are now being made. The underlying framework is now strengthened with the introduction of the Solvency II directive on 1 January 2016. The system is now much more risk-sensitive and demanding, with increased capital requirements which will be consistent across all member states.

The role of the supervisory authorities is significantly enhanced, including provision for more co-operation between member states. It should make a Setanta-type scenario less likely in the future, but it does not solve the problem of those affected. It is important that we get the ruling of the Supreme Court as early as possible. The hearing took place in October last.

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