Dáil Éireann Debate, Wednesday - 1 June 2016
98. Deputy Clare Daly asked the Minister for Finance to engage in consultation with Insurance Ireland regarding the potential for car insurers to offer discounts to motorists who have had dashcams fitted in their cars. [13912/16]
View answerAs Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, may interfere in the provision of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing, or terms and conditions of an insurance product.
The provision of insurance cover and the price at which it is offered, including the granting of discounts, 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 those risks.
I would add that my Department is currently conducting a Review of Policy in the Insurance Sector in consultation with the Central Bank and Government Departments, Agencies and other stakeholders, including the insurance industry.
This Review will include an examination of the factors contributing to the cost and availability of insurance. Work on the Review will continue over the coming months.
