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Wednesday, 17th April 2024
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Financial services regulator sets out strategy Back  
The Irish Financial Services Regulatory Authority (IFSRA) has outlined its plans for the insurance industry upon its formal establishment in mid-2003.
Liam O’Reilly, chief executive designate of IFSRA, has vowed to increase transparency in the insurance industry, to improve how risk is measured and understood, and enhance the system of on-site inspection visits to insurance companies. He has also welcomed further competition in the sector and a forthcoming pan-European directive on disclosure of information.

Speaking at a seminar - ‘A New Era for Life Assurance Supervision in Ireland’ - organised by Life Strategies, which specialises in the provision of actuarial and strategic consulting services to life assurance companies, O’Reilly indicated how the Authority hopes to grow transparency within the sector.

‘The introduction of codes, which will be done on a consultative basis, will offer the industry the opportunity to look itself at the way the producer’s relationship with intermediaries works and satisfy itself that the highest standards of good business practice apply in this area.’
In relation to solvency and risk, O’Reilly said he placed a very high value on probity and integrity. ‘Ultimate responsibility lies with the board and senior management and we all have a right to expect that that will be exercised responsibly.’

‘It would be advantageous to the financial system to deepen our appreciation of the risks being undertaken by our companies, especially in the areas of market and credit risk,’ he added. O’Reilly also envisaged the intensification of on-site visits to insurance companies suggesting that in his opinion ‘no amount of desktop analysis is an adequate substitute for a hands-on inspection by regulatory staff.’

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