The Central Bank has expressed concern over how prepared the insurance sector here is for Brexit.

Director of Insurance Supervision Sylvia Cronin has written to all insurance companies operating in Ireland requesting they submit details of the potential impact of Brexit on their business and what plans they had made to cover the consequences.

During the Bank commission's meeting at the end of September, one member pointed out that insurance firms seemed far less prepared for Brexit than banks do.

According to the minutes of the meeting, Deputy Governor of Prudential Regulation Eb Sibley agreed that "the level of preparedness within the insurance sector was not where it should be". 

The Central Bank said it would be communicating on the matter publicly.

During the meeting it was also highlighted that the level of new engagements with banks potentially seeking approval to set up an Irish operation has "levelled off".