Dáil Éireann Debate, Thursday - 4 April 2019
65. Deputy Michael McGrath asked the Minister for Finance when he expects to progress legislative changes on insurance as part of the Consumer Insurance Contracts Bill 2017; the reason the legislative changes are not being drafted as a new Bill in its own right; and if he will make a statement on the matter. [15950/19]
View answerMy Department is currently working on developing legislative changes on insurance as part of the Consumer Insurance Contracts Bill 2017. As the Deputy is aware the purpose of the Bill is to reform and modernise the law of consumer insurance contracts and to "level the playing field so that the consumer is better equipped to stand up to the insurer". The Bill is based on the 2015 Law Reform Commission Report on Consumer Insurance Contracts.
At Second Stage the then Minister of State Eoghan Murphy TD provided the Government’s “support in principle for the objectives of the Bill”. He also noted the intention of the Minister for Finance to submit substantive amendments should the Bill reach Committee Stage.
A key recommendation that it is proposed to bring forward relates to an amendment to cater for Recommendation 8 of the Motor Report to require insurers to notify and engage with policyholders regarding claims submitted against their policy. This amendment would also apply to small businesses which have an annual turnover of €3 million or less and thus cover much of Recommendation 10 of the Employer/Public Liability Report. Other possible amendments which may be put forward at Committee Stage are currently being considered.
The reason the legislative changes are not being drafted as part a new Bill is because both I and Minister of State D’Arcy see the Consumer Insurance Contract Bill as an ideal vehicle for addressing insurance consumer related issues such as the one referred to above from an efficiency and effectiveness perspective. In addition, as all parties have worked very constructively together on important insurance legislation such as the Insurance (Amendment) Act 2018, and the Central Bank (National Claims Information Database) Act 2018 to date, I see no reason why this constructive engagement cannot continue.
