The Governor of the Central Bank, Philip Lane, set out for the Committee an overview of the Central Bank’s current work programme. He struck a forward looking note by saying that the most intense phase of crisis management undertaken after the financial crisis was now over and that as such, the Central Bank will have a new set of priorities and these will emphasise the Central Bank’s dual goals of safeguarding stability and protecting consumers.
In his statements the Governor noted that this is a landmark year for the insurance sector: the first year that the Central Bank implements the Solvency II framework which reconfigures the regulations imposed on (re)insurance firms as well as the supervisory relationship between the Central Bank and those firms. The Governor stated that the Central Bank’s product-focused supervisory work would continue and specifically cited the Central Bank’s review of health insurance as an example. He also said that the Central Bank is examining the impact that the payment of commissions to insurance intermediaries has on consumers and that there will be an increase in firm-specific engagement with low-impact firms.
A link to his Statement is here.