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Importance of cross-border insurance for customers and the economy emphasised at Insurance Ireland Board meeting with EIOPA Chairman Gabriel Bernardino

  • “Cross-border regulatory cooperation needs to be further advanced as it is fundamental to customer choice and the European economy” – Anthony Brennan, Insurance Ireland President

  • “A consistent and coherent supervision of insurers’ activities is crucial and strengthens customer protection and customer choice in the European Union” – Gabriel Bernardino EIOPA Chairman

  • The Irish cross-border sector writes insurance business into more than 110 countries with more than 25 million customers

Issued 14 February 2019. At a meeting today, the President of Insurance Ireland and European Insurance and Occupational Pensions Authority (EIOPA) Chairman, Gabriel Bernardino emphasised the importance of the cross-border insurance model for customer choice and the European economy, and the importance of consistent supervision across the European Union.

Speaking following the meeting, Insurance Ireland President, Anthony Brennan stated, “Our Board was delighted to host Gabriel Bernardino today for a positive discussion on the future of European insurance supervision. As a small, open and export-orientated economy, Ireland needs consistent supervision of insurance activity in Europe. EIOPA has a crucial role to play in ensuring there is consistency and in coordinating cooperation between national regulators across the European Union.”

“This is vital for the sector here as our industry has grown substantially as part of the European Union, with the Irish cross-border sector writing business into more than 110 countries with more than 25 million customers.”

Anthony concluded, “We therefore fully support an ambitious Europe with an integrated insurance market underpinned by greater regulatory cooperation. To achieve this, cross-border regulatory cooperation needs to be further advanced as it is fundamental to customer choice and the European economy. Insurance Ireland remains committed to working with our local regulator, the Central Bank of Ireland, in a coordinated and consistent European system that supports cross-border as a core principle.”

EIOPA Chairman, Gabriel Bernardino stated, “I welcomed the open and constructive dialogue with the Board of Insurance Ireland about the future of European supervision. Central to the European insurance market is the operation of the Freedom to Provide Services and Freedom of Establishment models that allow insurance “passporting” across borders. A consistent and coherent supervision of insurers’ activities is crucial and strengthens customer protection and customer choice in the European Union. Since the creation of EIOPA, in particular, with the implementation of Solvency II, we achieved significant improvements. Nevertheless, the supervisory cooperation in Europe needs intensification. Strengthening the European insurance market through consistent and coherent supervision is in the interest and benefit of customers in all member states of the European Union, including Ireland.”

Ends.

Media Contact:

John Byrne

john.byrne@insuranceireland.eu