Dáil Éireann Debate, Tuesday - 22 September 2015
339. Deputy Ruth Coppinger asked the Minister for Finance his views on certain insurance companies making a decision not to insure cars that are over 15 years of age; if he will introduce regulations in relation to this matter to enable vehicle owners to access insurance policies; and if he will make a statement on the matter. [31356/15]
View answerIn my role as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. The provision of insurance cover as well as the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet these risks.
As a matter of course, insurance companies carry out reviews of the risks against which they are prepared to offer insurance and they consider these risks when determining their policies conditions, including whether to insure cars over fifteen years old.
The EU framework for insurance expressly prohibits Member States adopting rules which require insurance companies to obtain prior approval or provide systematic notification of certain matters, including general and special policy conditions and scales of premiums.
Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. In the event that a person is unable to obtain a quotation for motor insurance or feels that the premium proposed or the terms are so excessive that it amounts to a refusal to give them motor insurance, they should contact Insurance Ireland, 5 Harbourmaster Place, IFSC, Dublin 1, Telephone +353 1 6761820, quoting the Declined Cases Agreement. Under the Agreement, the Declined Cases Committee of Insurance Ireland deal with any cases of difficulty in obtaining motor insurance.
