Madam, - I refer to a letter published in your paper on March 11th, "Barriers to insurance market", regarding the provision of insurance services in Ireland by insurance companies located in the European Union.
I would like to clarify for your readers that there is no regulatory prohibition to prevent insurers elsewhere in the EU from selling policies to the Irish market. Under European Union legislation, an insurance company authorised to do business in one member-state is free to transact business throughout the Union either by way of establishing a branch or by freedom of services on a cross-border basis.
To date more than 580 insurance firms have notified the Irish Financial Regulatory Authority of their intention to transact business in Ireland and more than 40 European insurance firms have set up branches in this jurisdiction. - Yours, etc.,
JILL FORDE, Press Officer, Irish Financial Services Regulatory Authority, Dublin 2.