Billy Timmins (Wicklow, Fine Gael)
Link to this: Individually | In context

Question 126: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the situation with respect to insurance companies from outside this country quoting for business here; and if she will make a statement on the matter. [14305/04]

Mary Harney (Dublin Mid West, Progressive Democrats)
Link to this: Individually | In context

Insurance can be bought from an insurance company in another European economic area, EEA, country if the company's name is on the list of authorised insurance companies. Any insurer authorised to write business in the EEA may provide insurance into any other member state, including Ireland, on a freedom to provide services basis. However, the authorising member state must notify the host member state — in this case Ireland — of the company's intention to write business in its territory and certify the solvency of the company.

Insurance companies from countries outside of the EEA are also permitted to write business into Ireland on a freedom to provide services basis, but only for certain classes of business referred to collectively as marine, aviation and transit, MAT, business. As for EEA countries, a notification from the insurance supervisory authority of the authorising country, attesting that the company is authorised to write business in the relevant classes together with a solvency certificate must be submitted to the Irish Financial Services Regulatory Authority, IFSRA, before the company can be authorised to write business in Ireland and be placed on the list of authorised insurance companies.

An insurance company established in another EEA member state can apply to establish a branch in Ireland through its home state supervisory authority, which, when satisfied, forward a file to IFSRA, which has two months to notify the home state supervisor of the conditions under which, in the interest of the general good, the insurance business may be carried out in Ireland.

Since 1 May 2003 IFSRA has responsibility for the regulation and supervision of insurance undertakings, and any further information required in relation to this matter can be obtained from IFSRA. IFSRA maintains lists of all insurance companies authorised to write business in Ireland whether through the establishment of a head office, a branch or by way of freedom of services. The lists of insurers authorised to carry out different classes of insurance in Ireland is available on the IFSRA website www.ifsra.ie.