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News Focus - DIMA denies lobbying against EU standards.
(From Reinsurance)
The Dublin International Insurance & Management Association (DIMA) has rejected claims that it has lobbied the Irish government not to accede to European Commission (EC) Directorate proposals to introduce mandatory regulatory standards for the reinsurance industry in Ireland.
The claims were made in a recent newspaper article by Queen's University, Belfast academic Justin O'Brien. But DIMA chief executive Sarah Goddard emphatically rejected Mr O'Brien's claims, stating: "DIMA and its members have fully supported the move to full reinsurance regulation in Europe, and have worked closely with the relevant Irish authorities to promote the directive. It is absolutely not the case that we have somehow lobbied against the directive."
DIMA represents the majority of Irish non-life insurers, non-life and life reinsurers, and captive managers who are undertaking international business. The international (re)insurance sector has been an integral part of the IFSC for more than 16 years, and has contributed substantially to the success of Dublin's international financial services sector.
Ms Goddard also rejected the suggestion that there is 'light touch' regulation in Ireland, saying: "Through my many dealings with the Financial Regulator, I would characterise it as 'firm but fair'. To suggest that there is somehow 'light touch' regulation is simply not the case.
"There have been well-documented examples ranging ...
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