Vol. 570 No. 2
86 Mr. Hogan asked the Tánaiste and Minister for Enterprise, Trade and Employment her plans to introduce new legislation or regulations to give greater transparency to consumers in respect of insurance premia and in particular a requirement that insurance companies should justify increases in charges and premia; and if she will make a statement on the matter. [18254/03]
175 Mr. Hogan asked the Tánaiste and Minister for Enterprise, Trade and Employment her plans to ensure greater transparency from insurance companies in respect of changes in the premium for various insurance products; and if she will make a statement on the matter. [18804/03]
I propose to take Questions Nos. 86 and 175 together.
On 1 May 2003, the Irish Financial Services Regulatory Authority, IFSRA, came into effect. IFSRA has a wide regulatory remit, covering consumer protection and prudential supervision of practically all financial services, including insurance, and the services provided by them.
The legislation setting up IFSRA provided for the establishment of a consumer director who will have a clear role in consumer protection, with a strong focus on transparency, competition and choice for the consumer. On the question of introducing new legislation, this is now a matter for the consumer director of IFSRA, who has now been appointed, as I no longer have responsibility for legislation relating to the issues to which the Deputy refers.
