Consumer Protection Regulations – Impact On Insurance

The Central Bank of Ireland ("CBI") recently launched the regulations (the "Consumer Protection Regulations") that will replace the Consumer Protection Code ("CPC"), alongside the Standards for Business.

While the Consumer Protection Regulations largely revise, update and consolidate the existing CPC provisions and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 (the price-walking regulations), there are some notable changes for insurers and insurance intermediaries carrying on business in Ireland, in particular:

• Requirement for consumers to opt-in (rather than opt-out) of certain non-life lines of business at renewal;