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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. repec:eme:jfrcpp:v:16:y:2008:i:4:p:290-317 is not listed on IDEAS
    2. Martina Eckardt & Solvig Räthke‐Döppner, 2010. "The Quality of Insurance Intermediary Services—Empirical Evidence for Germany," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(3), pages 667-701, September.
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    4. Prast, H.M., 2007. "Who pays for Banking Supervision?," Other publications TiSEM 2ef7a617-610e-4d00-a072-f, Tilburg University, School of Economics and Management.
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    6. Ralph A. Winter, 1991. "The Liability Insurance Market," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 115-136, Summer.
    7. repec:eme:jfrcpp:v:17:y:2009:i:4:p:415-426 is not listed on IDEAS
    8. repec:eme:jfrcpp:v:15:y:2007:i:3:p:303-326 is not listed on IDEAS
    9. repec:eme:jfrcpp:v:15:y:2007:i:2:p:135-142 is not listed on IDEAS
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    Cited by:

    1. 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.
    2. 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).
    3. 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.

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