Dáil Éireann Debate, Tuesday - 2 November 2021
70. Deputy John Lahart asked the Tánaiste and Minister for Enterprise, Trade and Employment if he will report on the implementation of the insurance reform measures under the aegis of his Department; and if he will make a statement on the matter. [52618/21]
View answerInsurance reform is one of my top priorities as Minister of State in the Department of Enterprise, Trade and Employment. The Cabinet Committee Sub-Group on Insurance Reform, of which I am a member, published the Action Plan for Insurance Reform in December 2020. This is one of the most important programmes of reform that this Government will undertake.
Regarding actions under the aegis of my Department, I am developing proposals to enhance and reform the Personal Injuries Assessment Board. Heads of a Bill have been developed in consultation with PIAB, which I am considering in consultation with the Attorney General’s Office. I expect to bring proposals for legislative reform to Government shortly.
I am also progressing legislation to strengthen competition law in Ireland. The legislation will break new ground in this area, giving competition authorities, such as the Competition and Consumer Protection Commission (CCPC), enhanced powers including administrative sanctions and other tools in dealing with anti-competitive practices.
An Office to Promote Competition in the Insurance Market has been established within the Department of Finance, supported by my Department which is chaired by Minister Fleming. The work of the Office includes engaging with sectoral stakeholders to understand gaps in the insurance market, with a view to expanding the risk appetite of existing insurers. It is also working with IDA Ireland to explore opportunities for new entrants to increase the availability of insurance.
Early implementation of these actions will remain a priority issue for my Department in the coming months.
