Pádraig O'Sullivan
Question:202. Deputy Pádraig O'Sullivan asked the Minister for Finance the key measures under the action plan for insurance reform; and if he will make a statement on the matter. [44884/20]
View answerWednesday, 13 January 2021
Questions (202)
Written answers
As the Deputy will be aware, the Government's Action Plan for Insurance Reform, launched last month, sets out 66 actions to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden that insurance costs can have on business, community and voluntary organisations. The implementation of the Action Plan will be overseen by the Sub-Group on Insurance Reform within the Cabinet Committee on Economic Recovery and Investment. The Action Plan includes actions to be brought forward by my Department, as well as the Departments of Justice and Enterprise, Trade and Employment, over the next 18 months.
Some of the key measures under the Action Plan are as follows:
- increasing market transparency following the publication of the second private motor report of the National Claims Information Database (NCID), and the planned expansion of the scope of the NCID to include employer and public liability insurance;
- reviewing the duty of care legislation;
- providing for the Judicial Council's accelerated adoption by 31 July 2021 of new personal injuries guidelines to replace the Book of Quantum;
- consideration by the Department of Justice of the Law Reform Commission's recent Report on Capping Damages in Personal Injuries Actions;
- looking at how to further enhance the role of the Personal Injuries Assessment Board; and,
- making proposals on insurance competition via the recently-established Office to Promote Competition in the Insurance Market.
It might also be of interest to the Deputy to note that, in addition to this work, there was a round of intensive engagement with key stakeholders in relation to the Government's insurance reform agenda. In this regard, Minister of State Fleming has held meetings with the Alliance for Insurance Reform; the State Claims Agency; Insurance Ireland; Irish Public Bodies Mutual Insurance; the Central Bank of Ireland; Brokers Ireland; the Law Society of Ireland; the Bar Council of Ireland; and the MIBI. More recently, he has also concluded a series of meetings with the main insurers in the Irish market and he has written to the CEOs of the main insurance companies operating in the Irish market seeking their views on a range of issues. The Deputy can be assured that there will continue to be engagement with these various stakeholders throughout 2021.
In conclusion, seeking to secure a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key priority issue for this Government. It is my intention, along with Minister of State Fleming, to work to ensure that these commitments are progressed within the timeframes envisaged in the Action Plan. In this regard, we will work with our Government colleagues to ensure that a Whole-of-Government approach continues to be the focus and that the cumulative impact of all of the actions in the Action Plan can have a positive effect on the affordability and availability of insurance for individuals, businesses and voluntary groups across Ireland.