Ruairí Ó Murchú
Question:81. Deputy Ruairí Ó Murchú asked the Minister for Finance the status of progress made under the Action Plan for Insurance Reform; and if he will make a statement on the matter. [9474/22]
View answerTuesday, 22 February 2022
Questions (81)
Written answers
The Cabinet Committee Sub-Group on Insurance Reform, which oversees the Action Plan for Insurance Reform, met earlier this month to assess the work completed during 2021, and to look ahead to the priorities for 2022. It is anticipated that the second Implementation Report will be brought to Government by An Tánaiste very shortly and published thereafter. That report will show that the majority of the 66 reforms being delivered under this agenda are now complete, including many principal actions. Key reforms to date include:
- the publication of the General Scheme of a Bill to enhance and reform the Personal Injuries Assessment Board (PIAB);
- the launch of a databank for new entrants by the Central Bank of Ireland;
- the establishment of the Insurance Fraud Co-ordination Office within the Garda National Economic Crime Bureau;
- the publication of the Final Report of the Central Bank’s Review of Differential Pricing in the Motor and Home Insurance Markets;
- the expansion of the National Claims Information Database to gather data on employers’ and public liability insurance, and the publication of the first report on same;
- the publication of the Central Bank’s third National Claims Information Database report on private motor insurance;
- the enactment of the Criminal Justice (Perjury and Related Offences) Act 2021;
- the implementation of the Personal Injuries Guidelines;
- the creation of the Office to Promote Competition in the Insurance Market; and
- the introduction of new regulations on solicitors advertising
In addition, my officials are continuing to advance the Insurance (Miscellaneous Provision) Bill, to address a number of separate, but related issues that complement the Action Plan. This is expected to be published in the coming weeks, and we will seeking to have it prioritised for passage through the Oireachtas.
The focus of the Sub-Group now is on implementing the outstanding reforms as soon as possible, with particular regard to:
- reforming the law on occupier’s liability to rebalance the duty of care;
- enhancing the enforcement powers of the Competition and Consumer Protection Commission through the Competition Amendment Bill; and
- reforming the PIAB, with a view to increasing the number of cases settled by the Board
Overall, it is felt that the range of measures being pursued under the Action Plan will lead to an improvement in the insurance market. Throughout 2022, both Minister of State Fleming and I will continue our widespread engagement with industry and other stakeholders to ensure that the benefits of these reforms are being passed on and are felt, first and foremost, by policyholders.
Question No. 82 answered with Question No. 55.