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Insurance Industry

Dáil Éireann Debate, Tuesday - 21 September 2021

Tuesday, 21 September 2021

Questions (45)

James Lawless

Question:

45. Deputy James Lawless asked the Minister for Finance the progress being made by his Department in its areas of responsibility under the Action Plan for Insurance Reform; and if he will make a statement on the matter. [44790/21]

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Written answers

The Cabinet Committee Sub-Group on Insurance Reform oversees implementation of the Action Plan for Insurance Reform. This Plan sets out 66 actions across several departmental policy areas, including that of the Department of Finance, to improve the insurance environment for consumers, businesses and community groups. This cross-Governmental reform agenda has been adopted in recognition of the need for a comprehensive and structured approach in order to deliver real reform in this important area.

Implementation of the Action Plan is well underway. As the Deputy may be aware, in July the Cabinet Committee Insurance Reform Sub-Group published the first six-monthly Implementation Report of the Action Plan. This shows that work is progressing well to implement these important reforms, with 34 of the 66 actions now completed. There have been a number of achievements made by my Department, including:

- The creation a new Office to Promote Competition in the Insurance Market, chaired by Minister of State Fleming;

- The expansion of the National Claims Information Database (NCID) to gather data on employer and public liability insurance – the first report of which was published in July;

- The publication of the Final Report and Recommendations of the Central Bank’s Review of Differential Pricing in the Motor and Home Insurance Markets, which is now subject to a public consultation until 22 October;

- The enactment the majority of provisions under the Consumer Insurance Contracts Act 2019; and

- The publication of the Oireachtas Post-Enactment Scrutiny Report in relation to this Act.

Work is continuing across Government to ensure the implementation of the Action Plan, with 97% of actions due to be implemented by the end of the year. For my Department, this includes an examination of the Central Bank’s recommendations in relation to differential pricing, as well as the development of a databank for new entrants to the insurance market. In addition, to the Action Plan both Minister of State Fleming and I intend to bring draft legislation to Government for approval in the coming weeks. This will address a number of important insurance issues that have arisen recently.

Finally, I would like to assure the Deputy that work remains ongoing across all of Government to deliver further key elements of the Action Plan, including measures to reform the PIAB, reduce fraud, and make changes to the duty of care in order to strengthen waivers and notices. It is my hope that the implementation of these key actions in particular should further help to lower public liability insurance costs for businesses.

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