Vol. 546 No. 5
64 Mr. Perry asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on whether the Insurance Act, 2000, has given unfair advantage to employees of insurance companies, tied agents and employees of banks who can continue to make unsolicited calls while brokers may contact potential clients only by writing to them; her plans to equalise the matter; and if she will make a statement on the matter. [32203/01]
65 Mr. Perry asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on whether representations made to her since the Central Bank circulated its regulation handbooks to insurance brokers suggest that the Act is flawed and does not take into account the day to day workings of insurance brokers; her plans to address and resolve the problem; and if she will make a statement on the matter. [32204/01]
66 Mr. Perry asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on whether the Insurance Act, 2000 is cutting off the availability of independent financial advice from rural Ireland; her further views on whether the Act polarises the market and deprives the consumer of the services of life assurance brokers on whom they could rely for a choice of products and independent advice; her plans in this regard; and if she will make a statement on the matter. [32205/01]
I propose to take Questions Nos. 64 to 66, inclusive, together.
The Insurance Act, 2000, enacted by the Oireachtas and signed by the President in December of last year, provided, inter alia, that insurance intermediaries be supervised by the Central Bank on broadly the same basis as other financial intermediaries. The regime of self regulation that had applied previously was no longer deemed sufficient to protect the interests of consumers.
The details of the regime of supervision, including the regulatory handbooks, is a matter for the Central Bank. I understand that the employees of banks are now subject to rules about unsolicited calls, analogous to those applying to all intermediaries. Our Department has asked the insurance industry to observe similar rules. There is no reason that competent intermediaries should not prosper in the new regulatory regime. On the contrary, the regime should increase consumer confidence in dealing with insurance intermediaries.
