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 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.
