James Reilly (Dublin North, Fine Gael) | Oireachtas source

The Central Bank of Ireland is the Financial Regulator for this country and, as such, regulates for matters governing the prudential insolvency requirements for the health insurance market. Insurers wishing to operate in the Irish market must satisfy the Central Bank and other requirements before they are authorised to operate in the Irish market. On the other hand, the Health Insurance Authority, which is the independent regulator for the health insurance industry, and its statutory functions are set out in the Health Insurance Acts. As the independent regulator for the industry, the authority is the appropriate body to carry out the over-compensation test on registered or former registered undertakings.