The report highlights a number of issues facing the insurance industry. President of Insurance Ireland, Gerry Hassett, recognised the positive role that insurance plays in Irish society and referred to insurance as the “safety net of the Irish economy”. He focused on the need to:
- restore Ireland’s regulatory regime and introduce constructive dialogue with the Central Bank to ensure the regulatory regime delivers the outcomes intended;
- ensure Ireland continues to be an attractive place for insurers to do business both domestically and internationally as a vibrant insurance sector; and
- encourage the implementation of the pension tax relief plan and the removal of the pensions levy.
Kevin Thompson, CEO of Insurance Ireland, added additional objectives for the period 2012-2015 including the need to safeguard insurability allowing insurers to manage risk, combat fraud and reduce unnecessary costs for consumers. He also acknowledged that it is essential to promote the positive role of insurance in the Irish economy and noted the importance of continuing to publish statistics from Insurance Ireland.
The report includes details of certain insurance sector initiatives which Insurance Ireland has been involved in during 2012 and these include:
- participation in the consultation process relating to the pensions taxation policy and the impact this could have on the insurance industry;
- participation in discussions with other financial services representative bodies concerning the drafting of a common set of Money Laundering Guidance Notes; and
- involvement in discussions around the impact of the US FATCA on the insurance sector.
Please click here to view the report in full.