The Minister of Finance's adoption today of the EU Reinsurance Directive has been warmly welcomed by the Dublin International Insurance & Management Association (DIMA), the representative organisation of international insurers and reinsurers based in Ireland.

"The early adoption of the Reinsurance Directive means that Ireland is the first EU member state where the reinsurance sector is fully regulated under the Directive's requirements. We believe that the adoption of the directive, through today's Statutory Instrument, will further enhance Ireland's attractiveness as a location for global insurance and reinsurance companies," DIMA chief executive officer Sarah Goddard said. Earlier this year, the influential Washington, DC-based Group of Thirty identified Ireland as one of the top reinsurance markets in the world.

Ms Goddard said that DIMA has for some time been working with the Government and the Financial Regulator on the early adoption of the Reinsurance Directive. "Although the directive allows for a two-year transposition period from when it was brought in at European level last December, Ireland took the enlightened decision to aim for an early adoption of the directive into domestic legislation. This reflects the unprecedented growth in the sector since the first international insurance entity was set up here in 1989. Today's adoption means that Ireland's global insurance and reinsurance industry now has world-class regulation, but still maintaining the innovative environment for which Dublin has become renowned."