asked the Minister for Industry and Commerce if he will take steps to render void clauses in mortgages and leases, which oblige mortgagors and lessees to insure properties with particular insurance companies, having regard to the unfair nature of such practices and to the fact that many of the insurance companies concerned are foreign owned and that the money paid in premiums is not invested in this country.
Ceisteanna—Questions. Oral Answers. - Insurance of Properties.
18.
Mr. Ryan
I am not satisfied that it would be in the public interest to introduce insurance legislation on the lines suggested.
Mr. Ryan
Are we to understand, then, that the Minister considers that it is in the public interest that foreign concerns should be able to stipulate to purchasers of houses in Ireland that they must insure the property through their insurance companies, because that is the effect of permitting the existing situation to continue?
Apparently, Irish insurance companies are also able to make this stipulation and, if there were legislation, it would affect both Irish and foreign insurance companies. In any case, the Minister does not consider it desirable.
Mr. Ryan
Would the Minister consider referring the matter to the Fair Trade Commission because, quite clearly, this stipulation destroys the right of freedom of choice which ought to exist?
That is an entirely separate question.