1 Regulatory
1.1 Which government bodies/agencies regulate
insurance (and reinsurance) companies?
The Central Bank of Ireland (the
"CBI") is responsible for authorising
and supervising all financial institutions in Ireland, including
insurance and reinsurance companies.
1.2 What are the requirements/procedures for setting
up a new insurance (or reinsurance) company?
In order to set up a (re)insurance company in Ireland, it is
necessary to incorporate a company and obtain authorisation from
the CBI. When establishing a new (re)insurance company, promoters
are permitted to adopt different types of corporate organisations
(e.g. a public limited company, a private limited company in the
form of a designated activity company
("DAC"), a company limited by guarantee,
an unlimited company or a European Company (SE)). However, the most
common form of company used is a private limited company in the
form of a DAC. The incorporation process involves an application
