On 17 November, Sylvia Cronin, the Central Bank's Director of Insurance Supervision, addressed the Annual General Conference of the Irish Brokers Association.
Ms Cronin discussed the new regulations brought in by Solvency II and the impact it had on insurance undertakings that brokers partner with. She also specifically referenced the publication by EIOPA, in April this year, of guidelines relevant to brokers on Product Oversight and Governance Arrangements by Insurance Undertakings and Insurance Distributors.
Ms Cronin spoke about the importance of culture and the outcomes that the Central Bank want to see as a result of the attitude and behaviour of actors in the financial services industry. She referred to the need to provide the "right product for the right consumer at the right time" and how to best to achieve this aim. She also touched on the benefit of engaging with customers and providing feedback to insurance companies.
Ms Cronin dealt with the increasing cost of motor insurance premiums and the duty brokers have to help prevent insurance fraud. Ms Cronin also addressed the cyber security risk posed by the increased reliance on technology. She talked about Brexit and the increase in enquiries from firms seeking authorisation in Ireland. And finally, she mentioned the need to keep abreast of how the sector is evolving and the need to be ready to make the changes necessary to deal with these developments.
A link to the address is here.