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ARTICLE · 03 APRIL 2008

A New Regime For Reinsurance Regulation In Ireland

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The Irish reinsurance industry, though perhaps not particularly well known to the general public, is large and represents a significant amount of the reinsurance business written worldwide.

IrelandInsurance
Dillon Eustace
Dillon Eustace
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Introduction

The Irish reinsurance industry, though perhaps not particularly well known to the general public, is large and represents a significant amount of the reinsurance business written worldwide. Though the industry is currently lightly regulated, with oversight limited to the vetting of reinsurers by the Irish Financial Regulator (the "Financial Regulator"), this state of affairs is set to soon change.

The Department of Finance has recently published what is expected to be the final draft of the European Communities (Reinsurance) Regulations 2006 (the "Reinsurance Regulations" or "Regulations"). The Reinsurance Regulations will transpose European Directive 2005/68/EC (the "Directive"), which was adopted at European level on the 9th of December, 2005, and will establish a new prudential regulatory regime for the Irish reinsurance industry. It is expected that the Reinsurance Regulations

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