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Dáil Éireann debate -
Thursday, 27 Feb 1969

Vol. 238 No. 13

Ceisteanna—Questions. Oral Answers. - Motor Insurance Premiums.

29.

asked the Minister for Industry and Commerce if he will state the circumstances in which the reduction in motor insurance premium rates, as recently reported, has occurred.

In October, 1968, I authorised an increase as from 1st January, 1969, of 10 per cent in third party motor insurance rates and I also decided to relax control of the rates applicable to comprehensive policies.

It was reported in the press at the end of November, 1968, that the insurance companies proposed to increase the rates for fire and theft element in third party policies from 16s 6d per cent to 30s per cent. When the companies confirmed, in response to inquiries, that these reports were correct, I made it clear to them that I regarded the proposal to increase the rates by more than 10 per cent as not being in accordance with the arrangement which I had already made with them. Accordingly, I informed them that effect should not be given to the proposal.

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