Dáil Éireann Debate, Tuesday - 12 February 2013
195. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if his attention has been drawn to the fact that some insurance companies are refusing to provide coverage to drivers who committed driving offences more than five years ago but maintained a safe record since; and if he intends to bring forward any proposal to address this matter. [7133/13]
View answerAt the outset, the Deputy should note that in my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation, including insurance. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions.
The Central Bank has informed me that the decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the assessment an insurer will make of the risks involved. The Bank has also indicated that it has no role in relation to issues of pricing or the scope of cover provided by insurance companies.
It should be noted that any person who has an unresolved complaint can refer the matter to the Financial Services Ombudsman, at www.financialombudsman.ie , for investigation and adjudication.
In view of the circumstances as outlined above, there are no proposals being brought forward by me in relation to the issue highlighted.
