Treacy Announces New Measures to Protect the Reputation of the IFSC

Mr Noel Treacy, T.D., Minister for Science, Technology and Commerce has today (Wednesday 29th December, 1999) announced that he had made regulations that prescribe the form of notification that reinsurance companies must now make to his Department of Enterprise, Trade and Employment, in the future.

"These regulations are part of a package of measures which I am introducing to ensure that only reputable reinsurance companies can operate in Ireland," Minister Treacy said. "It is vitally important that the reputation of the IFSC as a high-quality international financial centre is protected and enhanced, but without imposing an undue regulatory burden on the Industry". Further measures in relation to regulation of reinsurance are contained in the Insurance Bill, 1999, which has recently been published.

"These measures are being introduced, following full consultation with the Insurance Industry", the Minister added. "Protecting the reputation of the IFSC is a joint responsibility of Government and Industry."

The new Regulations - the Insurance Act, 1989 (Reinsurance) (Form of Notification) Regulations, 1999 - come into force on the 30th December 1999. The Insurance Bill, 1999 is due to be considered by the Dáil and Seanad in the next Parliamentary session.