Dáil Éireann Debate, Wednesday - 21 April 2021
486. Deputy Cormac Devlin asked the Minister for Finance the number of meetings held by the Cabinet committee on economic recovery and investment; the dates of same; and if he will make a statement on the matter. [18797/21]
View answerThe Government has prioritised the reform of the insurance sector in order to improve the cost and availability of this key financial service, including for businesses. The Action Plan for Insurance Reform sets out 66 actions in this regard across several policy areas, including my Department, with 95% due to be completed by the end of 2021. The Sub-Group of the Cabinet Committee on Economic Recovery and Investment, which is implementing this Action Plan, was established by Government to oversee insurance reform implementation. This Sub-Group is chaired by the Tánaiste, and includes as standing members Ministers McGrath, McEntee, O’Gorman and myself, together with Ministers of State Troy and Fleming. I strongly believe this cross-departmental approach provides the best opportunity to address the cost and availability of insurance and will build and expand upon previous commendable work done by the Cost of Insurance Working Group. The Sub-Group has held three meetings to date, on the following dates:
- 30 September 2020
- 25 November 2020
- 24 March 2021
At its most recent meeting in March, the Cabinet Sub-Group on Insurance Reform, which oversees the implementation of the Action Plan, reflected upon the considerable progress made in the first three months of this year. Achievements include:
- The creation of an Office to Promote Competition in the Insurance Market within the Department of Finance.
- The adoption of new Personal Injuries Guidelines by the Judicial Council.
- The launch of a public consultation on proposals to reform the Personal Injuries Assessment Board.
Priorities for the next three months include: strengthening the laws on perjury, expanding the National Claims Information Database so that it publishes its first report on employer and public liability insurance, and examining the Central Bank’s final report on differential pricing so that the Government can respond accordingly. In addition, it is envisaged that the Sub-group will publish its first formal report on the implementation of the Action Plan during the Summer.
I can assure the Deputy that we will continue to engage extensively on this matter and monitor developments in the sector as the Government drives forward the insurance reform agenda. Minister of State Fleming and I look forward to continue working with colleagues and stakeholders to implement further aspects of the Action Plan, with a view to improve both the cost and availability of insurance for all consumers, businesses and community groups.
