Seanad debates
Thursday, 15 September 2011
Insurance (Amendment) Bill 2011: Second Stage
With regard to the regulation of the insurance market specifically, a number of developments in the past 18 months to strengthen the regulation of the sector have taken place. The Central Bank has indicated that its staff resources in the insurance area have increased significantly from less then 50 to just over 100 people. An authorised officer regime which allows the bank to appoint outside experts such as actuaries to go in and investigate a company on its behalf has been introduced. The obligation of the Central Bank to promote financial services has been removed.
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