Terence Flanagan
Question:64. Deputy Terence Flanagan asked the Minister for Finance his plans to make public liability insurance more affordable for tradespeople; and if he will make a statement on the matter. [11451/14]
View answerThursday, 6 March 2014
Questions (64)
Written answers
In 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 of Ireland, which is statutorily independent in the exercise of its regulatory functions.
Insurance companies are required under law to price in accordance with risk. The decision to provide any specific form of insurance cover, including public liability insurance, 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. Pricing for insurance products is not a matter that I, as Minister for Finance, or the Central Bank can interfere.