Firms need better regulation to compete – industry chief
THE representative body for Irish insurers has said that its industry must ensure better regulation to allow it compete internationally.
Insurance Ireland chief executive Kevin Thompson said yesterday at the organisation's annual lunch that it could not be complacent when it came to regulation, "especially as other jurisdictions are increasingly enhancing their insurance frameworks with the express goal of increasing their attractiveness as a base for international insurance companies".
Insurance Ireland, the new name for the former Irish Insurance Federation, also welcomed Finance Minister Noonan's decision in last year's Budget to remove the 0.6pc pension levy after 2014, saying the levy had been extremely problematic.
The group opposes the introduction of any further levies. It says they damage the sector's ability to compete and are unfair to customers who ultimately have to pay for them.