5 Oct 2016, 14:46
The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach will tomorrow meet to continue its hearings on the rising cost of motor insurance in Ireland.
5th October 2016
The meeting will start at 10am in Committee Room 2, Leinster House.
Mr Cyril Roux, Deputy Governor and Mr Bernard Sheridan, Director of Consumer Protection, Central Bank of Ireland, will address the Committee.
Committee Chairman John McGuinness TD, said “Tomorrow’s meeting marks the resumption of the Committee’s examination of the issues around rising motor insurance costs. In the context of this meeting and the appearance of Central bank Officials, the main role of the Central Bank is in regard to the supervision and regulation of the insurance sector.”
“Drivers continue to suffer from ever-increasing insurance premiums. Young drivers in particular are struggling to get insured, due to the costs associated with insurers believing younger drivers are more of a liability on the road. However, price hikes have become familiar for all drivers, and the Finance Committee continues to look into why this is and what can be done to reduce premiums.”
“In addition, new EU regulatory requirements (known as Insolvency II) were introduced in January 2016 for the Insurance sector. The Committee will be keen to discuss the effect of these new regulations in terms of the rising costs of motor insurance.”
Committee proceedings can be viewed live here.
Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.
ENDS/
Media enquiries:
Nuala Walsh,
Committee Press Officer,
Communications Unit,
Houses of the Oireachtas,
Leinster House,
Dublin 2.
P: +353 1 618 3437
M: +353 86 4100 898
Email: Nuala.Walsh@Oireachtas.ie
Twitter: @OireachtasNews
Committee Membership:
Chairperson: John McGuinness (Fianna Fail)
Deputies:
Peter Burke (Fine Gael);
Michael D’arcy (Fine Gael);
Pearse Doherty (Sinn Féin);
Michael McGrath (Fianna Fail);
Paul Murphy (AAA);
Seán Sherlock (Labour)
Senators:
Paddy Burke (Fine Gael);
Rose Conway-Walsh (Sinn Fein);
Gerry Horkan (Fianna Fáil);
Kieran O’Donnell (Fine Gael)