- Why is the business transfer and merger taking place?
- What precisely is happening to Liberty Insurance from 1 January 2019?
- Will Liberty be changing its name in Ireland?
- Does this mean less stringent regulation?
- What is the difference between Conduct of Business & Prudential regulation?
Why is the business transfer and merger taking place?
The move benefits our operation and our customers in a number of ways:
- it allows us to better serve our customers, through the creation of a more efficient, well capitalised entity with access to a larger pool of resources;
- it enables us to share resources and expertise across all areas of the business that serve our customers.
- as a larger organisation it will help us ensure we have the best people and technology delivering for our customers.
What precisely is happening to Liberty Insurance from 1 January 2019?
The Liberty Mutual Group will be making applications in Ireland, Spain and Portugal to consolidate the insurance activities of its operations in those countries into a single regulated entity in Spain. On completion of this process, we will continue to trade in Ireland under the business name 'Liberty Insurance' as an Irish branch of Liberty Seguros Compañía De Seguros y Reaseguros, S.A. (Liberty Seguros), and will continue to be regulated for conduct of business rules by the Central Bank of Ireland.
Will Liberty be changing its name in Ireland?
No, the Liberty Mutual Group will continue to trade in Ireland as 'Liberty Insurance' and the Liberty Insurance brand will remain unchanged in Ireland. The full legal name of our Irish business will be Liberty Seguros, however this name will only be referenced on official letterhead or wherever our current regulatory line appears.
Does this mean less stringent regulation?
Absolutely not. Liberty Insurance will continue to be regulated in Ireland for conduct of business rules by the Central Bank of Ireland. Liberty Seguros (Spain) has the same Solvency II requirements as we do here in Ireland, and the Spanish regulator (DGS) will be responsible for prudential regulation.
What is the difference between Conduct of Business & Prudential regulation?
Prudential regulation assesses how well a firm understands the financial risks it is running, how well placed it is to manage those risks, and how well it can avoid large, unexpected costs.
Conduct of Business regulation relates to the Central Bank of Ireland's Consumer Protection Code and further related statutory codes of conduct and guidelines, which together provide protection to customers and ensures compliance with consumer legislation.