Call for insurance regulation overhaul

The Irish Brokers Association is calling for a complete overhaul of insurance regulation after the liquidation of Setanta Insurance left 75,000 people uninsured.

IBA president John Bissett said the whole system needs to be changed so that companies cannot simply pick the most lax jurisdictions to base themselves in.

“The system in its current state allows insurance companies, which are primarily owned by Irish people and principally based in Ireland, to sell exclusively to Irish customers — but to be regulated in a different jurisdiction.