Ireland: Insurance Laws and Products

The Central Bank of Ireland resumes domestic collection of outsourcing registers in February 2027 after a two-year pause, while publishing findings from its thematic assessment of fitness and probity frameworks in MiFID investment firms. New regulatory developments include the commencement of 'Right to be Forgotten' insurance legislation, EBA consultation on operational risk management standards, and EIOPA's technical advice on harmonizing insurance guarantee schemes across the EU.

The Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Act 2026 introduces sweeping changes to the Central Bank of Ireland's regulatory powers over insurers and reinsurers. Beyond the widely discussed "right to be forgotten" provisions for cancer survivors seeking mortgage protection, the legislation fundamentally expands the grounds on which the Central Bank can petition for winding-up orders and extends these powers to cover reinsurers for the first time.

The Central Bank of Ireland has commissioned a comprehensive review of its enforcement activities, examining effectiveness, efficiency, and transparency in light of the evolving financial system. Simultaneously, new regulations establish the 2026 levy framework for regulated entities, while the Department of Finance seeks public input on implementing EU crisis management and deposit insurance reforms.

The Central Bank of Ireland has completed implementation of all twelve recommendations from Andrea Enria's independent review of the Fitness and Probity approval process, following a 2024 IFSAT finding. These reforms introduce significant structural changes including a new F&P Unit, enhanced guidance materials, and improved transparency measures designed to strengthen fairness and efficiency in regulatory assessments of senior financial services appointments.

The Central Bank of Ireland's 2025 Authorisations and Gatekeeping Report reveals significant insights into regulatory processing times, fitness and probity reforms, and authorisation trends across Ireland's insurance sector. Notable developments include the establishment of a centralised F&P Unit, variations in post-authorisation processing times, and a High Court decision on prohibition notices that underscores the importance of procedural fairness in regulatory enforcement.

The Central Bank of Ireland is advancing its regulatory framework through multiple initiatives, including a consultation on regulatory impact assessments and consultation approaches, speeches on financial intermediaries and macroprudential policy, and guidance on insurance sector changes. These developments reflect the Central Bank's commitment to simplification, proportionality, and evidence-based policymaking while maintaining robust consumer protection and financial stability standards.

On 25 March 2026, the Financial Services and Pensions Ombudsman (“FSPO”) published its Overview of Complaints for 2025 (“Overview”). The Overview provides a summary of the complaints made to the FSPO and reports the trends and patterns in complaints made.

On 12 March 2026, the Central Bank of Ireland (Central Bank) published its first Insurance Quarterly newsletter (Newsletter) of the year. The Newsletter contains several supervisory updates of interest to Irish (re)insurers.

The Irish Government recently launched the Motor Insurance Transparency Code (Transparency Code), a priority commitment under its Action Plan for Insurance Reform 2025–2029.