Introduction
The Irish reinsurance industry represents a significant
proportion of the reinsurance business written worldwide. Ireland
traditionally enjoyed a position at the vanguard of the reinsurance
industry due to its light touch approach to reinsurance
regulation.
The EU Reinsurance Directive (Directive 2005/68/EC)
("Reinsurance Directive") was
implemented into Irish law by the European Communities
(Reinsurance) Regulations 2006 (the
"Regulations"), which made Ireland the
first EU Member State to implement the Reinsurance Directive. Under
the Regulations, entities seeking to carry on reinsurance business
in Ireland are required to obtain an authorisation from the Central
Bank of Ireland (the "Central Bank").
The authorisation process for reinsurers is similar to that which
is applied to direct insurance undertakings.
