Ireland—Insurance portfolio transfers


Produced in partnership with James Grennan of A&L Goodbody and Adam Assahli of A&L Goodbody
Practice notes

Ireland—Insurance portfolio transfers


Produced in partnership with James Grennan of A&L Goodbody and Adam Assahli of A&L Goodbody

Practice notes
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Scope of this Practice Note

This Practice Note provides guidance on an insurance portfolio transfer pursuant to:

  1. •

    Section 13 of the Assurance Companies Act 1909 (Ireland) (ACA 1909 (IRL))

  2. •

    Section 36 of the Insurance Act 1989 (Ireland) (IA 1989 (IRL))

  3. •

    Regulation 41 of SI No 485/2015 -European Union (Insurance and Reinsurance) Regulations 2015 (Ireland) (the Solvency II Regulations (IRL))

It examines what transactions qualify as insurance portfolio transfers and the roles of the Central Bank of Ireland (CBI) and the High Court in the regulation and approval of insurance portfolio transfers.

Insurance portfolio transfers

Consistent with the common law of contract, an insurer is not able to transfer the burden of its obligations under a contract of insurance without the consent of the policyholder. A novation agreement between the original insurer, the policyholder and the substitute insurer is, as a general rule, necessary to ensure the effective transfer of an insurer's obligations pursuant to an insurance policy.

As an exception to this rule, an insurance portfolio transfer

James Grennan
James Grennan

Partner and head of Insurance & Reinsurance, A&L Goodbody

James Grennan is a partner in A&L Goodbody's Corporate department and Head of the Insurance group. From 1995 to 1999 James managed A&L Goodbody’s London office.

His area of particular expertise is the insurance industry. His practice embraces all aspects of insurance law and regulation including the set up and authorisation of insurers, ongoing regulation, the provision of cross-border services, sale and purchase of insurance companies and insurance businesses, captive insurance, authorisation and regulation of insurance intermediaries, contracts, regulatory investigations and enforcement actions and statutory compensation schemes. He advises life and non-life insurers, health insurers, reinsurers, captives and intermediaries.

He played a major role in the A&L Goodbody legal team that advised the Irish Government’s Department of Finance on the establishment of the Irish Financial Regulator. He was also instrumental in having Irish law amended to facilitate the operations of life assurers in the International Financial Services Centre and in drafting other legislation to address insurance industry concerns. He has advised on many of the most significant insurance transactions and developments in recent decades.

James is a member of the Law Society of Ireland and Dublin Solicitors Bar Association. James is President of the Management of Law Firms Commission, a member of the Governing Board and a member of the ESG task force at the Union Internationale des Advocats (International Association of Lawyers). He is a CEDR qualified mediator and the contributor on insurance law to the Ireland for Law initiative. James is also a regular speaker on insurance topics both in Ireland and abroad.

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Adam Assahli
Adam Assahli

Associate (Insurance Group), A&L Goodbody

Adam Assahli is an associate in A&L Goodbody's Corporate department, specialising in Insurance & Reinsurance. Adam's key areas of expertise include advising insurers, reinsurers, captives, intermediaries and other clients on all aspects of insurance and reinsurance law and regulation. Adam also advises clients on corporate and regulatory transactions including the acquisition of (re)insurers, (re)insurance intermediaries and insurance portfolio transfers.

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Jurisdiction(s):
Ireland
Related legal acts:

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