asked the Minister for Trade, Commerce and Tourism if he will deal with insurance companies which delay unduly in complying with court awards of damages to insured persons; if he has a means of monitoring non-compliance; and the number of complaints he has received of such non-compliance in each of the past three years.
Written Answers. - Insurance Companies Settlements.
525.
I have power to suspend or revoke the licence of an insurance company which has failed to pay within one month a claim adjudged to be due. Since, obviously, such action would have the most serious consequences and as the licensee has the right of appeal to the High Court, I would have to be completely satisfied that it was justified having regard to all the circumstances.
Compliance with court judgments is not monitored by my Department nor would it be practicable to do so. Complaints from the public about insurance companies' practices are, however, taken up by my Department with the company concerned. There appears to be little general dissatisfaction with the payment by insurers of amounts awarded by the courts. Only eight such complaints have been received in the past 12 months and they were all satisfactorily disposed of by the companies concerned. While I am unable to give figures for earlier years, the experience of the past 12 months can be taken as representative of the annual level of complaints of this nature made to my Department.