Vol. 558 No. 6
75 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the efforts she has made to reduce insurance costs with particular reference to encouraging greater competition; and if she will make a statement on the matter. [25262/02]
I announced my programme for fundamental insurance reform at the end of October 2002. While EU law prevents me from compelling insurance companies to reduce premia, I have made it clear that I consider there to be an onus on the insurance industry to ensure that the reforms to be taken will have the effect of significantly reducing the cost of premia to consumers.
On the question of competition, my Department in conjunction with the Competition Authority has recently finalised terms of reference for the study being undertaken into the competitiveness of the Irish insurance market. The terms of reference are available at www.entemp.ie and www.tca.ie.
