The Dublin International Insurance & Management Association (Dima) has welcomed today's vote in the European Parliament to approve the proposed reinsurance Directive.

The introduction of reinsurance regulation across the European Union will create a standard level of supervision and enable European reinsurers to operate across the EU.

Dima and its member companies have fully supported the move to full reinsurance regulation in Europe, and have worked closely with the relevant Irish authorities to promote the Directive, the association said.

It is likely that Ireland will see an early adoption into local legislation, in advance of the two-year ‘transposition' period allowed in the Directive.

Dima chief executive Sarah Goddard said: “This vote signals a new and exciting era for the reinsurance market operating in Ireland.

"Over recent years, Dublin has become a major centre for reinsurance business, and Ireland is now one of the few net ‘exporters' of reinsurance in the EU."