which i firmly believe is of significant benefit to the long - term sustainability of the insurance firms operating in ireland – whether serving the domestic market or operating on a cross - border basis. while the sector has not suffered the same extent of failures as others, we are not complacent and it is clear that improvements are required in the governance and operations of many insurance firms operating in and from ireland. by delivering these improvements, insurance firms will be best placed to rise to the considerable challenges and opportunities arising from insurtech & innovation. thank you for your attention. 1 speech by gabriel bernardino, chairman of eiopa at the 7th annual conference : insurance and pensions reloaded : a game changer 2 eiopa has developed co - operation platform meetings in relation to cross border insurance. platform meetings between relevant national supervisory authorities are set up when issues of supervisory concerns are detected. the platform meetings facilitate the sharing of information and coordination of actions by the home supervisory authority. several platforms have been established in 2017. 3 in accordance with article 16 of regulation ( eu ) no 1094 / 2010 of the european parliament and of the council, the european insurance and occupational pensions authority 4 eiopa - infographic : a common supervisory culture 5 insurance firms authorised in one eu member state have a right to provide insurance in other eu member states. such firms operate on either a right of establishment basis or a freedom to provide services basis. the right of establishment basis involves the setting up of a branch in the host member state and providing insurance from that branch. the freedom to provide services basis involves the provision of insurance services directly from the home member state. 6 eiopa - opinion to institutions of the european union on the harmonisation of recovery and resolution frameworks for ( re ) insurers across member states 7 european systemic risk board – advisory technical committee – insurance expert group - recovery and resolution for the eu insurance sector : a macroprudential perspective august 2017 8 the probability risk and impact system ( prism ) is the central bank ’ s risk - based framework for the supervision of regulated firms. it supports our challenging firms, judging the risks they pose to the economy and the consumer and mitigating those risks we judge to be unacceptable. see introduction to prism 9 eiopa – round table on insurtech 10 iais – report on fintech developments in the insurance industry 11 eiopa - response to the commission ’ s public consultation on fintech : a more competitive and innovative european financial sector

ed sibley : innovation and insurance in ireland - a supervisory perspective speech by mr ed sibley, deputy governor ( prudential regulation ) of the central bank of ireland, to the insurance ireland, annual president's conference, dublin, 29 november 2017. * * * with thanks to tim o ’ hanrahan for his assistance in preparing these remarks. introduction good morning ladies and gentlemen. i would like to thank insurance ireland for the invitation to speak to you today, at its annual president ’ s conference. as this is my first speech to an insurance audience since my appointment as deputy governor, i will cover three broad topics : i ) the work of the central bank of ireland ( central bank ) in the context of the european supervisory framework, ii ) regulatory priorities for 2018 ; and iii ) matters most relevant to the theme of your conference today, “ insurtech & innovation ”. let me begin by acknowledging the insurance industry ’ s important role in ireland for both individuals and businesses. from the provision of motor insurance to saving for the future and a myriad of services in between, insurance firms play an important role in people ’ s lives on a daily basis and play a vital role in the functioning of the economy. as insurance is such an important activity, effective prudential and conduct regulation and supervision is of fundamental importance. insurance policyholders need to understand the products they purchase and know that an insurance firm will provide cover throughout the term of the insurance contract and have the financial strength to pay valid claims in the future. 1 ) european supervisory framework this brings me to the european insurance regulatory framework, which is part of the broader european system of financial supervision. this includes the european central bank ( ecb ), the single supervisory mechanism ( ssm ) ; the european systemic risk board ( esrb ) ; the european supervisory authorities ( esas ), including the european insurance and occupation pensions authority ( eiopa ) ; and national competent authorities ( ncas ), such as the central bank. in the banking sector, the ecb is ultimately responsible for supervision, discharged through the ssm, which comprises the ecb and ncas. in the insurance sector, this is the responsibility of the national authorities, operating as part of the wider european regulatory ecosystem, albeit one that it is less hard - wired than for banking supervision. throughout the european union ( eu ), insurance supervision is undertaken in line with the solvency ii framework. this aims to ensure that insurance firms operating across the eu