Dáil Éireann Debate, Wednesday - 5 March 2014
55. Deputy Michael McGrath asked the Minister for Finance if there are any circumstances in which an insurance company may be restricted from increasing insurance premia in a manner similar to the approval required by banks to increase fees and charges; and if he will make a statement on the matter. [11124/14]
View answerIn my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. 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 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 and a need to ensure adequate provisioning for future losses. The Central Bank has no remit over the pricing of insurance products. Competent Authorities are specifically restricted from interfering in the pricing of insurance products under the various European insurance directives.
Finally, it should be noted that any person who has an unresolved complaint can refer the matter to the Financial Services Ombudsman for investigation and adjudication at www. financialombudsman.ie or 1890 88 20 90.
