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Please make sure you view the key information alongside your search results. This section details information that must be considered before accepting a risk in the chosen country.

Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice.

Ireland** Please see Lloyd's Authorisation for details of Lloyd's licensing status

Pre-placement considerations

Lloyd's authorisation

Insurance

Lloyd’s underwriters are authorised to write:
  • All classes, except permanent health insurance, from this territory on a freedom of services basis, and 
  • All classes, except permanent health insurance, on an establishment basis

Lloyd's underwriters can accept insurance for the classes listed below, either on a freedom of services or establishment basis:

Last updated: 27 Jul 2016


Reinsurance

Lloyd's underwriters are permitted to write all classes of reinsurance business originating in this territory.
Last updated: 07 Jul 2014

Definition of risk location

According to Article 3 of the European Union (Insurance and Reinsurance) Regulations 2015, a risk is located in a European Union or European Economic Area member state if it is:

Insurance

(a) A building (and its contents issued under the same policy) situated in that member state.

(b) A motor vehicle, ship, yacht or aircraft registered in that member state.

(c) A travel policy for four months or less taken out in that member state.

For any other type of insurance (including a life insurance) it is a risk of this member state if the insured is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that member state.

Reinsurance

A reinsurance of an insurer located in that member state.

Note: The definition of an Irish risk for Premium Tax purposes is wider. Taxes and similar charges are imposed on insurance of Irish risks as defined above, and on any insurance of moveable property normally contained in a building in Ireland (other than goods in commercial transit). This is the case even if a separate policy covers such contents for the account of a non-resident.

For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 27 Jul 2016

Compulsory classes

The following classes are compulsory in Ireland:

  • Motor liability insurance.
  • Airport operators' liability insurance.
  • Professional indemnity insurance for solicitors, accountants, stockbrokers and insurance intermediaries.
  • Medical malpractice for doctors.
  • Protection and Indemnity (P&I) cover for commercial vessels of 300 gross tonnage (GT) or more where the vessel is registered in Ireland or is registered in another country and enters a port in Ireland.
  • Public liability for vessels licensed to carry more than 12 passengers in respect of injury to passengers and damage to their luggage, where the vessel is registered in Ireland or is registered in another country and enters a port in Ireland.
  • Passenger liability for rail, bus and tram transport.
  • Clinical trials.
  • Railway operators' liability.
Last updated: 27 Jul 2016

Routes into Lloyd's

Coverholders

Lloyd's requirements for a coverholder carrying on Irish business on behalf of a Lloyd's managing agent

Binding authority held by an Ireland based coverholder
Last updated: 28 Sep 2016

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Binding authority held by a coverholder outside Ireland, in another EEA Member State
Last updated: 27 Jul 2016

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Binding authority held by a coverholder outside Ireland and outside the EEA
Last updated: 04 Aug 2016

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Reinsurance
Last updated: 28 Sep 2016

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Open market correspondents

The Open Market Correspondent (OMC) approval process does not apply in this territory.

The following must be noted.

Open market business via an Irish intermediary, dealing directly with Lloyd's or with a Lloyd’s broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must be a registered intermediary in Ireland.

Open market business via an intermediary outside Ireland in the EEA, dealing with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration. However, it must operate in accordance with Irish law and regulation.
  • It must be a registered insurance intermediary in its home state.
  • It must have passporting approval for Ireland if it is going to conduct insurance mediation activity in the territory.

Open market business via an intermediary outside Ireland and outside the EEA, dealing directly with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must not engage in insurance mediation in Ireland.
  • The intermediary must deal with customers in Ireland only via an insurance intermediary that is either registered in Ireland or registered in another EEA member state and with passporting authorisation for Ireland.

Reinsurance

  • A reinsurance intermediary carrying on reinsurance mediation in Ireland must be either registered there or have passporting approval for Ireland.
Last updated: 27 Jul 2016

Intermediary regulation

Insurance and reinsurance intermediaries in Ireland must be authorised by, and registered with, the Central Bank of Ireland.

Last updated: 27 Jul 2016

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Insurance documentation

Market Reform contract guidance

This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (i.e. not reinsurance).
Last updated: 07 Jul 2014


Language of contract

Insurance contract documents are usually provided in English. A proposer has the legal right to complete a proposal form wholly in the Irish (Gaelic) language, and they may then require that the policy and every other document issued as a consequence of the proposal be in Irish (Insurance Act 1936. s 108).
Last updated: 07 Jul 2014

Choice of law

To meet contract certainty requirements, the insurance contract must contain a choice of law clause.
Last updated: 07 Jul 2014


Jurisdiction

To meet contract certainty requirements, the insurance contract must contain a jurisdiction clause.

The Revised Brussels I Regulation 1215/2012/EU applies and determines the jurisdiction applicable.

Insurance of large risks: The underwriter can agree with the insured the jurisdiction that will apply to the contract.

Insurance of mass risks: In the event of a dispute, the rules in the Revised Brussels I Regulation determine the EU member state(s), in which a party can bring an action.

Reinsurance: The underwriter can agree with the reinsured the EU member state whose jurisdiction will apply to the contract.

Last updated: 07 Jan 2015


Service of suit

Insurance

Establishment business:

It is mandatory to include a service of suit clause.

Lloyd's Ireland Representative Ltd must be nominated for establishment policies. Clause LPO147F nominates Lloyd's Ireland Representative Ltd for service of suit. It must be attached to all certificates issued by coverholders in Ireland. 

Services business:

It is not mandatory to include a service of suit clause.

Lloyd's General Representative may be nominated for services policies.

There is a standard service of suit clause LSW487 for use in Europe which is available on the Lloyd's Wordings Repository.

Reinsurance

There are no requirements for reinsurance business.

Last updated: 20 Aug 2015

Lloyd's representation and other contact details

Lloyd's representative

Lloyd’s Ireland Representative Limited
7/8 Wilton Terrace
Dublin 2
D02 KC57
Ireland
Tel: + 353 (0) 16441000

Eamonn Egan
Country Manager for Ireland
E-mail: eamonn.egan@lloyds.com or lloydsireland@lloyds.com

See here for more information about Lloyd's Ireland.

Last updated: 13 Mar 2017