Michael McGrath (Cork South Central, Fianna Fail)
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57. To ask the Minister for Finance the relevant legislation which covers the regulation of the insurance sector and the rights of consumers in respect of insurance policies; and if he will make a statement on the matter. [9877/14]

Michael Noonan (Limerick City, Fine Gael)
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The insurance sector is regulated by the Central Bank of Ireland under the Central Bank Act 1942 and the treatment of consumers of insurance products is governed by the . The Central Bank of Ireland has additional responsibilities in relation to Branch establishments of European Economic Area (EEA), authorised Life/Non-Life Insurance undertakings; EEA authorised Life/Non-Life Insurance undertakings conducting business by way of services and third country branch establishments. The Central Bank's Consumer Protection Code is issued pursuant to powers under the following legislation: Section 117 of the Central Bank Act 1989; Section 23 and Section 37 of the Investment Intermediaries Act 1995; Section 8H of the Consumer Credit Act 1995; and section 61 of the Insurance Act 1989. The Central Bank has the power to administer sanctions for a contravention of this Code, under Part IIIC of the Central Bank Act 1942.