Jan O'Sullivan (Limerick East, Labour)
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Question 66: To ask the Minister for Finance the information, data or statistics insurance companies operating in the Irish market are required to provide on a weekly, monthly, quarterly or annual basis to the Financial Regulator; if he is satisfied that such information, data or statistics has been provided to the Financial Regulator within the required deadlines by each regulated insurance company in which such deadlines have arisen in each of the past four months; if he will set out which insurance companies, and in what circumstances, have failed to meet these disclosure requirements; and if he will make a statement on the matter. [6347/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Regulator has informed me that information on insurance companies operating in Ireland is collected for prudential supervision purposes under legislation. All non-life insurance companies that hold an authorisation and whose head office is in the State must produce to the Financial Regulator an annual account covering the types of operation specified in the Schedule to Statutory Instrument 202 of 1995. For life assurance companies, under Statutory Instrument 360 of 1994, an insurance undertaking whose head office is situated in the State must furnish to the Financial Regulator annually, or more frequently if requested, statistical documents to verify the state of solvency of the undertaking.

The Financial Regulator has further advised that since 30 September 2008 for life companies and 31 December 2008 for non-life companies all insurance companies have been requested to submit quarterly information to the Financial Regulator via a new online reporting system. Companies are given one month in which to submit their quarterly information. These quarterly forms which are less detailed than annual returns focus primarily on the solvency of the companies. Newly authorised companies are required as a condition of authorisation to submit quarterly information. Monthly reporting has only been requested in a limited number of cases where the situation of the firm would merit it. The Financial Regulator has informed me that returns are generally submitted within deadline and in the rare event that the returns are late, an explanation is promptly sought from the company.

Finally, the Financial Regulator has informed me that it is not able to comment on whether individual firms have failed to meet the disclosure requirements as under Section 33AK of the Central Bank and Financial Services Authority of Ireland Act, 2003 (which deals with disclosure of information) it is not permitted to do so.