Insurance regulations in Ireland June 2009
Ireland insurance industry is a both domestic and international focused industry. It covers the business lines across the life general reinsurance and special purpose sectors. Many professionals, administrators, and captive managers support Ireland insurance industry.
Ireland has recognized legislative structure for insurance business. Its international industry developed due to Ireland’s membership of the European Union. The Ireland insurance industry legislative framework is found in the Insurance act 1936, Insurance act 1989, and the European communities frame work regulations 1994, and the European communities’ reinsurance regulations 2006.
The general good and other Irish legal requirements are the sales of goods and supply of services act, 1980, and the consumer’s protection act 2007.
The authorization process of Ireland involves submission to the financial regulator of a scheme of operations. The supporting documents include nature of business, broad projections, staffing, outsourcing and target markets.
Every Irish head office insurer is required to have administrative, and accounting procedures, and internal control system. The annual accounts of the insurance company must forward to the financial regulator. The board of insurance company must verify agreement with regulations. Each insurance company must have the asset management policy. The asset management policy manages the investment related risks to its solvency.
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