asked the Minister for Industry and Commerce the number of insurance companies which submitted motor insurance premium schemes for approval before 1st October, 1974; and the names of insurance companies whose schemes have now been approved by his Department enabling them to qualify for a 40 per cent increase on all motor insurance premiums.
Written Answers. - Motor Insurance Schemes.
176.
While the Report of the Motor Premiums Advisory Committee recommended that loading reduction schemes should be submitted to me by 1st October, 1974, I decided to extend the period to 1st November, 1974. Fifteen insurers submitted schemes to me by that date.
The following insurers' schemes have to date been approved: PMPA Insurance Company Limited, Shield Insurance Company Limited, Norwich Union Fire Insurance Society Limited, Eclipse Motor Policies at Lloyds, Phoenix Assurance Co. Ltd., Hibernian Insurance Company Limited, Paladin Syndicate at Lloyds, Zurich Insurance Co. Ltd., Royal Insurance Company Limited, Insurance Corporation of Ireland Ltd., General Accident, Fire and Life Assurance Corporation Ltd., Irish National Insurance Company Limited, Guardian Royal Exchange Assurance Group, Sun Alliance and London Insurance Ltd. The last three companies listed above have not yet implemented their scheme but will have them implemented shortly. The total 40 per cent increase in premium rates will only apply from the date of implementation of the loading reductions as provided for under the scheme.