asked the Minister for Industry, Trade, Commerce and Tourism if he plans to undertake a review of procedures in relation to the licensing of insurance companies.

Procedures for the authorisation of assurance undertakings were revised on implementation of the EC First Non-Life and Life Directives into Irish law in 1976 and 1984 respectively.

The standard requirements for authorisation are based to a large extent on criteria specified in those directives, which provide for a common approach by the different member states to the taking-up and carrying on of the business of insurance. As the Irish Supervisory Authority for insurance, I am satisfied that the existing requirements are adequate for the proper conduct of insurance activities and, therefore, I have no plans for a fundamental review of procedures in this area.