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Development of insurance regulation in Ireland

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  • Richard Brophy

Abstract

Purpose - The purpose of this paper is to chart the chronology of insurance regulation in Ireland and evaluate the integration within European Union directives. Design/methodology/approach - The approach used was to chart the development of insurance regulation in Ireland and establish the stakeholders in the insurance industry that are affected by regulation. The various aspects of the EU involvement in regulation were also listed. Findings - Ireland is one of the few countries that has a single financial regulator that is the Central (Reserve) Bank. The Central Bank is recognised as the Irish national regulator for all insurance activities in the EU and with that carries responsibility for implementing EU directives. In comparing other regulatory systems, there is a mixture of direct government involvement, sector specific regulation, financial services regulation and Central Bank acting as regulator. Research limitations/implications - Research is based on literature review and data obtained from the EU regarding national regulators. It does not set a standard of regulation or compare different regulators but establishes the different forms of regulation in Ireland and the EU. Practical implications - The paper establishes Ireland's insurance regulatory environment amongst its European peers. It also charts the development of insurance regulation from solvency to the current model of solvency and consumer protection with the other offices of Financial Services Ombudsman. Originality/value - The paper is based on research based on literature review and data obtained from the EU regarding national regulators.

Suggested Citation

  • Richard Brophy, 2012. "Development of insurance regulation in Ireland," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 20(3), pages 248-263, July.
    • Handle: RePEc:eme:jfrcpp:v:20:y:2012:i:3:p:248-263
    DOI: 10.1108/13581981211237954
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    References listed on IDEAS

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    1. Prast, H.M., 2007. "Who pays for Banking Supervision?," Other publications TiSEM 2ef7a617-610e-4d00-a072-f, Tilburg University, School of Economics and Management.
    2. Donato Masciandaro & Maria J. Nieto & Henriette Prast, 2007. "Who pays for banking supervision? Principles and trends," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 15(3), pages 303-326, July.
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    4. Michael McKee, 2006. "European supervisory convergence: a new dynamic," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 14(4), pages 348-362, November.
    5. Ralph A. Winter, 1991. "The Liability Insurance Market," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 115-136, Summer.
    6. Walter Merricks, 2007. "The Financial Ombudsman Service: not just an alternative to court," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 15(2), pages 135-142, May.
    7. Lucia Dalla Pellegrina & Donato Masciandaro, 2008. "Politicians, central banks, and the shape of financial supervision architectures," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 16(4), pages 290-317, November.
    8. Donato Masciandaro & Maria Nieto & Marc Quintyn, 2009. "Financial supervision in the EU: is there convergence in the national architectures?," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 17(2), pages 86-95, May.
    9. Joanne Hindle, 2009. "The future of regulation," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 17(4), pages 415-426, November.
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    Cited by:

    1. Mulcahy, Mark & Beck, Matthias & Carr, Michelle & Hourigan, Niamh, 2019. "Novel approaches to the regulatory control of financial services providers: The importance of cultural context," The British Accounting Review, Elsevier, vol. 51(5).
    2. Dominique-Ferreira, Sérgio, 2017. "How important is the strategic order of product attribute presentation in the non-life insurance market?," Journal of Retailing and Consumer Services, Elsevier, vol. 34(C), pages 138-144.
    3. Richard Brophy, 2017. "Will Brexit affect the insurance industry? An Irish study," Local Economy, London South Bank University, vol. 32(3), pages 156-163, May.

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