On 25 July 2016, Insurance Ireland published a statement opposing the Department of Finance's recent recommendation that liabilities of any insolvent motor insurer should be assumed by the Insurance Compensation Fund. Insurance Ireland states this would and pose a systemic risk to the Irish motor insurance market.

Infrastructure & Economic Development
This briefing sets out some of the key points of the 2016 Programme for
Government, which includes a wide range of policy proposals in areas
such as infrastructure and economic development, public administration,
constitutional change, financial services, taxation and employment law and
industrial relations.
It is expected that the Government’s Legislation Programme will be
published soon, setting out the legislation that the new Government will
promote in order to give effect to the Programme for Government.

Law Society of Ireland v Motor Insurers’ Bureau of Ireland [04.09.15]

Regulations

The European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No.485/2015) (the “Regulations”) were signed by the Minister for Finance on 4 November 2015, transposing the Solvency II Directive into Irish law. The Regulations establish new capital requirements, valuation techniques and governance and reporting standards. The Regulations also provide the Central Bank of Ireland with increased supervisory responsibilities.

Background

 Introductory remarks

NEW GOVERNMENT LEGISLATION PROGRAMME: INDUSTRY & SECTOR SPECIFIC BREAKDOWN 19 JANUARY 2015 The Irish Government has published its legislation programme for the Spring/Summer 2015 parliamentary session. There are 32 Bills which are currently before the Oireachtas. In addition, there are 137 proposed Bills set out in the Programme, 41 of which the Government intends publishing during the Spring/Summer Session.

In January 2014, the Malta Financial Services Authority (“MFSA”) announced that Setanta Insurance Company Limited (“Setanta Insurance”) had ceased carrying on insurance business. As a result, no new business or renewals would be issued by the company, although existing policies would remain in force. 

The High Court has recently held that a former employee of a construction company, which was in liquidation, had no reasonable cause of action against the company’s insurer. This was despite the fact that he had obtained judgment for negligence against the employer and the insurance policy covered the employer for such a claim in negligence.

On 15 April 2010, the High Court confirmed the appointment of a full-time administrator to Quinn Insurance, Ireland’s second largest insurance company. Though the Quinn Group briefly fought against the proposed administration, it ultimately withdrew its objection and conceded the appointment. The insurance company is now being run by two outside managers, who will run the business as a going concern in an effort to get it back on a secure financial footing.

In order to assess whether or not an insurance company is in a state of insolvency, the yardstick to be used is not the same as for any other enterprise.