Ireland: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision

July 27, 2022

Preview Citation

Format: Chicago

Ireland: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision, (USA: International Monetary Fund, 2022) accessed December 22, 2024

Summary

This Technical Note highlights Ireland’s Insurance Regulation and Supervision. Ireland’s insurance sector is characterized by high penetration and density in both the life and the non-life sector, which, however, stems largely from outward cross-border business. Irish insurers have proved to be resilient during the coronavirus disease 2019 pandemic, although the full effects have yet to be seen. Primary drivers of solvency ratios have been financial market and interest rate movements affecting insurers’ investment portfolios and liability valuations. The Central Bank has been expanding its analysis of climate risks and corresponding risk management practices in the financial sector. There is scope for the Central Bank to leverage its expertise and experience to promote further EU convergence on insurance oversight. The Central Bank has been very active in policy discussions at the European Insurance and Occupational Pensions Authority and is well placed to take a leading role in the efforts to achieve consistent application of EU legislation, and generally supervisory convergence, on the supervision of cross-border business; the supervision of intra-group transactions and group concentrations; and the supervision of captives.

Subject: Financial institutions, Financial sector policy and analysis, Financial services, International organization, Monetary policy

Keywords: Financial condition, Global, Insurance, Insurance companies, Probability risk, Risk mitigation program, Solvency, Solvency ASSESSMENT, Solvency capital requirement

Publication Details

Pages:

49
Volume:

---
DOI:

---
Issue:

---
Series:

Country Report No. 2022/244
Stock No:

1IRLEA2022010
ISBN:

9798400216664
ISSN:

1934-7685

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

IMF Staff Country Reports