Ireland: Prudent and practical
The Republic of Ireland's proactive approach to raising its global profile has led to reinsurance reforms it hopes will make the jurisdiction, when combined with its favourable tax regime, attractive to international industry participants, says Ambrose Loughlin and Darragh Murphy
Ireland is keen to protect and enhance both its European and global reputation as a centre of excellence for reinsurance activity. The significance of reinsurance activities to the Irish financial services industry is reflected in the speed with which draft regulations to implement the European Union (EU) Reinsurance Directive in Ireland were circulated on a consultative basis before Christmas 2005. It is anticipated that the relevant Irish authorities will use prudence and practicality when determining whether, and the extent to which, discretionary powers and conditions provided for in the Directive will be exercised.
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