Insurance firms must be licensed by the Insurance Division of the Ministry of Industry, Trade, Commerce, and Tourism. The regulatory body is the Irish Brokers' Association. The Insurance Acts of 1936 and 1989 outline the monitoring of insurers, brokers, and agents.
In Ireland, workers' compensation, third-party automobile, bodily injury, and property damage liability are compulsory. In 1997, shareholders of Irish Life, Ireland's largest life assurance company, unanimously approved the company's £100 million ($163 million) takeover of an Illinois life assurance company, Guarantee Reserve.