IRELAND Law and Practice Contributed by: Niall Esler, Shane Martin, James O’Doherty and Laura Whitson, Walkers
7.3 Regulatory Distinction Between Funds and Dealers No information is available in this jurisdiction. 7.4 Regulation of Programmers and Programming If programs or programmers are carrying out regulated activities, the applicable regulations will be relevant, but this will need to be assessed on a case-by-case basis. The AI Act will apply to providers who place on the market or put into service AI systems in the EU, and to users of AI systems located or with establishments within the EU. Only authorised insurance companies are per - mitted to underwrite insurance contracts in Ire - land. Some insurtech companies are authorised as insurance companies, while others act as insurance intermediaries and require authorisa - tion for that activity. 8.2 Treatment of Different Types of Insurance Insurance companies must be authorised as a life insurer or a non-life insurer but not both (with limited exceptions). Life and non-life insurers are subject to different requirements. Specific requirements in relation to motor insur - ance are set out in the European Union (Motor Insurance) Regulations 2023 due to the require - ment for minimum compulsory cover for third- party motor insurance. There are a limited num - ber of other kinds of compulsory insurance – eg, in relation to aircrafts and shipping. 8. Insurtech 8.1 Underwriting Processes
Insurance products with an investment compo - nent are treated differently to other insurance products and are subject to the Packaged Retail and Insurance Based Investment Products (PRI - IPs) Regulation. Commercial and consumer insurance products are treated differently. Additional obligations apply when dealing with consumers, including the Central Bank’s CPC, the Consumer Protec - tion Act 2007 and the Consumer Insurance Con - tracts Act 2019. 9. Regtech 9.1 Regulation of Regtech Providers Generally speaking, the provision of regtech services is less likely to be a regulated activity, but this will depend on the nature of the regtech service performed and the nature of the entity to When outsourcing or sourcing ICT services, reg - ulated entities may be obliged to impose certain contractual provisions on their service providers. The CBI Outsourcing Guidance Outsourcing is a particularly topical issue for the Central Bank. The CBI Outsourcing Guid - ance applies to all Irish regulated firms and is to be implemented alongside any specific sectoral legislative outsourcing requirements. It impos - es similar contractual requirements to the EBA Outsourcing Guidelines (which apply directly to credit institutions, certain investment firms and payments/e-money institutions). which such services are provided. 9.2 Contractual Terms to Assure Performance and Accuracy
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