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Ireland, an ideal base
Generali PanEurope Limited is located in Ireland, a premier financial centre of international repute. It is ideally placed to provide sophisticated insurance-based financial solutions to its European audience.
Ireland is one of the largest cross-border life assurance centres in Europe, a position it has enjoyed for over a decade. Ireland provides strong yet flexible legislation, regulations that offer few investment restrictions and a professional infrastructure to support a dynamic and growing financial services industry.
The Irish Financial Services Centre has experienced significant growth over the last 15 years and is the home for many international operations, including some of the world’s leading banks and insurance companies. Ireland continues to be a leading jurisdiction in terms of assets under management and premiums paid.
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 of its stakeholders.
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 those that hold their assets with those firms.
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.
Investment advantages
Unlike some jurisdictions that have restrictive investment mandates, Irish insurance companies are permitted to invest in a very wide range of assets, giving them a distinct advantage over companies based in other jurisdictions.
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 relevant extracts from the most recent legislation state that "Insurance claims shall, with respect to assets representing technical reserves of an insurance undertaking authorised by the Minister, take absolute precedence over any other claims on the insurance undertaking (except for the expenses arising out of the winding-up proceedings)".