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ARTICLE · 02 APRIL 2024

Insurance & Reinsurance 2024

Matheson
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The Central Bank of Ireland (the "Central Bank") is responsible for the authorisation of and has primary responsibility for the prudential supervision and regulation of insurance...

IrelandInsurance
Darren Maher
Darren Maher
April McClements
April McClements
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1. Regulatory

1.1 Which government bodies/agencies regulate insurance (and reinsurance) companies?

The Central Bank of Ireland (the "Central Bank") is responsible for the authorisation of and has primary responsibility for the prudential supervision and regulation of insurance and reinsurance undertakings in Ireland. This role is achieved through the monitoring and ongoing supervision of regulated firms and the issuing of standards, policies and guidance, with which (re)insurance undertakings are required to comply.

1.2 What are the requirements/procedures for setting up a new insurance (or reinsurance) company?

Undertakings wishing to set up a (re)insurance business in Ireland must obtain authorisation from the Central Bank.

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