asked the Minister for Industry and Commerce whether an insurance company (details supplied) obtained his permission (a) to increase by 312 per cent the premium for traders' combined insurance and (b) to fix a minimum premium of £8 per annum for such insurance; if he has investigated; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Insurance Premiums.
66.
There is no power under the Insurance Acts to control premiums for traders' combined insurance policies, and insurance companies are not bound to seek my permission before increasing these premiums. I am aware that, because of adverse underwriting experience, insurance companies have been increasing the premiums payable under these policies but I understand that it is not correct to say that a minimum of £8 has been fixed.
In the absence of particulars of the policy, the company concerned is not in a position to furnish details of the considerations which led to this increase, which is 212 per cent and not 312 per cent. If the Deputy wishes to give me details of the policy, I will have further inquiries made.
The Minister will have seen a notice of the figures for fire insurance.
That is a separate matter.
I will have, yes.