Dáil Éireann Debate, Thursday - 7 April 2022
73. Deputy Willie O'Dea asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress that has been made to date with the Insurance Reform Plan; and if he will make a statement on the matter. [18640/22]
View answerThe 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.
The Plan sets out 66 actions to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden on business, community, and voluntary organisations.
On the 1st of March 2022 Government published the second Implementation Report of the Action Plan showing that approximately 80% of actions in the Plan are now being delivered.
Principal actions delivered to date include:
- The Personal Injuries Guidelines have been given effect.
- Legislation to strengthen the laws on perjury has been enacted.
- The Office to promote competition in the insurance market has been established.
- The Insurance Fraud Coordination Office has been established.
- The Insurance (Miscellaneous Provisions) Bill has been published.
Under the Guidelines award levels have reduced across nearly all ranges with the level of reduction ranging from 31% to 69% depending on the severity of injury. PIAB data shows a significant downward shift in award values which will reduce the cost of claims.
While progress on these actions is welcome, Government is committed to doing more to reduce insurance costs. The Minister for Justice is considering legislative proposals to reform the law in the area of occupier’s liability.
Regarding my own Department on the 9th of February, the General Scheme of the Personal Injuries Resolution Board Bill 2022 was published. The Scheme proposes to amend the Personal Injuries Assessment Board Act 2003-2019 in a number of ways including:
- PIAB will be given a new function – to offer mediation as a means of resolving a claim.
- PIAB will retain claims of a wholly psychological nature.
- PIAB will deepen its analysis, promote public awareness and conduct public information campaigns.
- PIAB will have additional time to assess claims where an injury is yet to settle rather than releasing to litigation.
Furthermore, on the 31st of January 2022, I published the Competition (Amendment) Bill 2022 to give more powers to the Competition and Consumer Protection Commission (CCPC) and the Commission for Communications Regulation (ComReg) to protect consumers and challenge anti-competitive practices by business. This Bill is currently before the House.
I am confident that through the implementation of the actions set out in the Action Plan we are delivering meaningful reform of the insurance market and creating the conditions for the provision of affordable insurance for consumers and business.
