I propose to take Questions Nos. 58 and 59 together.
It is important to note that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. The Central Bank of Ireland has no remit over the make-up and content of products including the levels of charges or fees. These are commercial decisions for the various insurers themselves.
The Central Bank of Ireland is, however, responsible for ensuring that the Consumer Protection Code is being complied with. I have consulted with the Central Bank and it is aware that insurers charge interest in cases where premiums are paid monthly. It is unaware, however, of the specific issue to which the Deputy currently refers and it would welcome more specific details so that a fuller reply may be provided.
The Consumer Protection Code requires firms to make full disclosure of all relevant material information including all charges in a way that seeks to inform the consumer. In addition, a regulated entity must provide the consumer with details of all charges which it will pass onto the consumer prior to providing a service to the consumer. Any increase in such charges must be informed to the consumer at least 30 days before the change takes effect.