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Unrivalled Investor Protection
With preservation and security being key considerations for investors, Generali PanEurope provides reassurance through the strength and insight of the Generali Group. This is further enhanced through the safeguards and the regulatory integrity that Ireland can provide.
Strong and supportive regulation
The Irish Financial Regulator is responsible for the regulation of all financial services organisations in Ireland, including playing an important role in the protection of their stakeholders.
The Regulator adopts a principle-based approach to regulation. This contrasts with the more rules-based approach adopted in other jurisdictions and it affords Irish insurance companies greater flexibility in terms of how they run their business and develop their products.
Reducing corporate risk
A fundamental concern for clients is the solvency and safety of the institutions that their assets are invested with. The Irish Regulator has a key responsibility in this area and closely monitors the position of life assurance companies on an ongoing basis.
The Irish insurance regulatory regime prides itself on the fact that no life assurance company regulated in Ireland has ever failed to meet its obligations to policyholders.
Irish law requires that insurers maintain a separate fund for their life assurance business assets. EU directives designed to provide greater security to policyholders have also been ratified into Irish law. The European Communities (Reorganisation and Winding-up of Insurance Undertakings) Regulations 2003 (adopting and implementing the respective EU Directive in Ireland) provide that claims by policyholders and beneficiaries take ABSOLUTE PRECEDENCE over any other claims on the life assurance company including those preferentially treated under the Irish Companies Act 1963 (e.g. taxes, employee remuneration etc.). Exempt from this rule are only:
a) Expenses for the winding-up procedure of the life assurance company to the extent the shareholders’ fund and other assets are insufficient to cover those costs;
b) Rights secured on assets within the life assurance fund, reservations of title in favour of a creditor or a third party or a demand for setoff of creditors’ claims against the claims of the life assurance company.
A secure political environment
Ireland is a full member of the EU, EEA and the OECD and has a stable multi-party democratic system of government. It is an English speaking member of the Eurozone and has experienced significantly high economic growth over the last decade.
Ireland’s competitiveness is based not just on current Irish tax benefits, but also on its inherent ability to respond positively to change and grasp opportunities to provide advantages to all its stakeholders.