GFIA restated that it understands from the OECD announcement on 1 July 2021 that regulated insurance will not be within the scope of Pillar 1. It is important for the global insurance and reinsurance industry that this continues to be the case.

Without mitigation, the OECD proposals would have a significant impact on the insurance and reinsurance industry that would be significantly greater than those felt by many other industries.

GFIA invited the Irish Department of Finance to look at its previous response to the OECD consultation on its report on the Pillar Two blueprint, in particular with regards to the unique nature of the insurance and reinsurance industry.