The chief executive of the new Irish Financial Services Regulatory Authority says he will be working with the insurance industry to enhance the level of regulation in the sector when the new watchdog is set up later this year.
Speaking at a Life Strategies insurance seminar in Dublin, Liam O'Reilly said the IFSRA would be working to ensure that there were improvements in how risk was measured and understood.
He also said the new regulator would improve the system of on-site inspection visits to insurance companies.
Mr O'Reilly said the issue of transparency of products was important for the new authority. 'The public expects to understand the products they buy and what those products cost. Any other approach is indefensible,' he said.
Mr O'Reilly also said he would work with the industry to see what improvements could be made in the relationship between insurance companies and brokers.
