Industry Sectors - Insurance Regulation
Insurance companies with head offices and branches in Ireland employ in excess of 14,000 people, making an important contribution to the Irish economy. Insurance regulation also affects intermediaries. In addition to the brokers and agents, retailers providing various forms of branded insurance or payment protection of extended warranty have become registered as intermediaries. They require advice on a mix of legal and regulatory matters and an understanding of how the regulator, the Central Bank of Ireland, supervises the sector. In addition, policyholders are reviewing the wording and terms of their policies more frequently.
Our insurance regulation group comprises lawyers from among the corporate, competition, regulatory, intellectual property. Regulatory matters include establishment, product developments, amalgamations, compliance obligations and requirements, acquisitions and disposals and wind up. In addition to regulatory matters, it also assists on day to day issues such as policy drafting, data protection and privacy matters, corporate governance and directors’ duties.
The insurance regulation group is part of our insurance team which is also made up of the contentious insurance group which guides clients on contested matters such insurance disputes, claims, domestic and cross-border litigation. We have acted for insurers in claims and commercial disputes arising in connection with the insurance industry, the administrative sanctions procedure and the regulatory requirements of the Central Bank. The insurance team works as an integrated unit and as a result our clients receive the best technical and commercial legal advice.