Written answers

Wednesday, 13 January 2016

Department of Finance

Insurance Industry

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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196. To ask the Minister for Finance if the Central Bank of Ireland has been informed by any insurance brokerage that its relationship with any State banks has been altered recently; and if he will make a statement on the matter. [46625/15]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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The Central Bank of Ireland has advised me that, due to the confidentiality provisions set out in section 33AK of the Central Bank Act 1942, it cannot comment on individual firms. However, it should be noted that when an intermediary firm is one registered under the Insurance Mediation Regulations, there is no requirement to inform the Central Bank when the intermediary commences or ceases dealing with a product producer. Where the intermediary is one authorised under the Investment Intermediaries Act, the onus is on the product producer to inform the Central Bank of when it appoints or terminates an appointment of an intermediary; that information is publicly available on the register of investment product intermediaries at .

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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197. To ask the Minister for Finance the commercial relationship that exists between an insurance broker (details supplied) and a State-backed bank and if that relationship has recently changed; and if he will make a statement on the matter. [46626/15]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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The information requested by the Deputy is not held by the Department of Finance. Officials in the Department have referred the Deputy's question to the bank and the bank has responded that it does not comment on commercial third party relationships. 

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