See Red tape forcing banks to quit IFSC, says AIB chief - Independent.ie
An acquaintance who is knowledgeable on insurance regulation confirmed The Independent report's claim. His key points:
-In response to the financial crash,insurers have tightened their own internal controls to prevent financial risks,a response one would expect from competitive companies
-The Irish insurance regulators have introduced poorly designed new regulations that are generally inferior to insurers' internal controls
-The Irish regulators are unresponsive to complaints of the insurance industry about new regulations
It looks like the Irish regulators are overreacting in trying to distance themselves from the almost non-existent, lightest of light touch financial regulation of the Celtic Tiger era,maybe emboldened by the shift to aggressive financial regulation in leading international financial centres. While aggressive regulation can be necessary,especially for banks,that does not absolve Irish regulators from listening carefully to the insurance industry's complaints.
Thousands of jobs are at stake in IFSC insurance companies. Members of the government interested in job creation such as the Minister of Finance Michael Noonan should investigate immediately.