The insurance reform programme I announced on 25 October last comprises a comprehensive set of inter-related measures designed to improve the functioning of the Irish insurance market. The key measures include: implementation of the recommendations in the Motor Insurance Advisory Board Action Plan within a target timeframe, 23 of which have been fully implemented to date, three partially implemented and work is in progress on the implementation of the other recommendations; and establishment of the Personal Injuries Assessment Board. The Personal Injuries Assessment Board Bill 2003 was published on 18 November 2003 and is before the Houses of the Oireachtas. The Bill, when enacted, will provide for the establishment of the Personal Injuries Assessment Board on a statutory footing.
My Department and the Competition Authority are undertaking a joint study into the insurance market. The study will identify and analyse barriers to entry and limitations on rivalry in the insurance marketplace. It is envisaged that the bulk of the work will be completed this year and that a report will be produced in the early part of 2004.
I chair a ministerial committee established to drive the co-ordinated implementation of the reform programme across the relevant Departments and other bodies concerned. Substantial progress is being made on a range of other measures that will radically overhaul the functioning of the insurance market and help tackle the high cost of insurance. These include measures to reduce the number of accidents, to tackle fraudulent and exaggerated claims and streamline the law in relation to personal injury claims.