Insurance Law in Ireland
Insurance Law in IrelandUpdated on Wednesday 09th March 2016
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Ireland is one of the European states providing a competitive insurance market, as local or international companies decided to operate in this country because it offers a stable market and a legal system which protects the relationships emerging from an insurance contract.
Furthermore, Ireland has one of the lowest corporate taxes in Europe, which is established at 12.5%. Foreign investors interested in opening a company in the field of insurance can receive assistance on this matter from our Irish solicitors, who can offer their input for the registration of a business in the insurance field.
Insurance regulatory framework in Ireland
Insurance and reinsurance companies are regulated by the Central Bank, which applies the rules and regulations provided by European and local legislation. Central Bank is the entity which provides authorizations for companies in this field, under the following regulations:
• Life Assurance Framework Regulations;
• Non-life Insurance Framework Regulations;
• Reinsurance Regulations;
• Mediation Regulations;
• Insurance Act.
The Bank is allowed to perform inspections on the companies in the insurance field and it also has the ability to assess the quality of the directorate of the company, as well as on the company’s management, but it also deals with consumer protection; our Irish law firm can provide you with further details on the functions of the Central Bank in Ireland.
Insurance contract in Ireland
According to the Irish legislation, the insurance contract does not have a statutory definition and it usually have to respect the general provisions regarding the drafting of an Irish contract, but it does provide the general characteristics which have to be stipulated in a contract:
• the insured must have an insurable interest;
• a payment of premium has to be specified;
• the insurance company stipulates that in the case of risk covered by the contract, the insured will receive a sum of money, as agreed upon by the parties;
• the risks have to be clearly defined.
Life insurance contracts refer to life insurance services, pensions, health insurance or pension fund management, while non-life contracts are comprised of property contracts, accident insurance and travel insurance.
If you need further information on the insurance law in Ireland, please contact our Irish attorneys, who can offer you assistance on this matter.