Insurance Ireland and law firm William Fry have launched an initiative to strengthen Ireland's position as a captive insurance domicile, following an industry roundtable that identified a series of priorities for the sector. Near-term priorities include developing a coordinated industry proposition promoting Ireland's captive expertise and capabilities, and greater clarity around authorisation timelines and speed to market. Longer-term opportunities discussed include examining the treatment of captives as public interest entities, and developing the technical and economic case for introducing a protected cell company (PCC) framework in Ireland. Participants noted that PCCs can offer capital efficiency and structural flexibility, and that the absence of such a structure can place Ireland at a disadvantage relative to competing jurisdictions. The discussion also emphasised the importance of retaining elements of Ireland's existing proportionate regulatory framework, with participants supporting the maintenance of captive-specific corporate governance requirements. Insurance Ireland and William Fry point to the Central Bank of Ireland's recently published proposals on industry funding, which include a flat minimum levy for captives, as further evidence of that proportionate approach. Derek Stenson, partner at Conyers, and Graham McCarthy, partner at McGill and Partners, outlined recent developments in other captive jurisdictions, including Bermuda, the Cayman Islands and the UK, which is considering regulatory and legislative reforms designed to increase its attractiveness as a captive domicile. Jacqueline Thornton, director of regulation policy development, strategy and member relations at Insurance Ireland, says: "Ireland has the expertise, experience and wider financial services ecosystem needed to be a highly attractive location for captive insurance. This initiative is about bringing the industry together around a focused and evidence-based programme of work that builds on those strengths and addresses the areas in which Ireland can become more competitive. "There are practical steps we can take now, including telling Ireland's captive insurance story more clearly and supporting greater certainty around authorisation. At the same time, we want to develop a constructive longer-term dialogue on the regulatory, policy and legislative changes that could unlock further growth." Ian Murray, partner at William Fry, adds: "The roundtable highlighted the depth of expertise and engagement that exists across Ireland's captive insurance community. The recommendations emerging from the discussion provide a valuable foundation for further engagement with stakeholders as we consider how best to enhance Ireland's attractiveness as a domicile for captive insurance business." Insurance Ireland and William Fry will use the outcomes of the event to inform further engagement with industry participants and relevant stakeholders.
