asked the Minister for Industry and Commerce if he is aware that some insurance companies are refusing to renew car policies and then offering new policies at two and a half times the previous premium; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Insurance Premiums.
I have seen newspaper reports of proposals by insurance companies to increase insurance premium rates on renewal of certain policies, and I have recently received some complaints from individuals about the size of the increases in their cases. The matter has been taken up with the insurers concerned, and I am awaiting a reply. I shall certainly not tolerate the application of increases which constitute a breach of the arrangements governing motor rates which I have made with them.
Can the Minister say whether the arrangements allow these companies to increase the premiums two and a half times? That is what is happening in a large number of cases.
The Minister for Industry and Commerce has no statutory right but all down the years there have been agreements between him and the various companies and these agreements have always been honoured. It would appear from certain information that——
They are no longer being honoured.
——an attempt is being made to depart from that practice.