asked the Minister for Industry, Commerce and Energy the measures being taken by his Department to monitor the cost of motor insurance, and if motor insurance companies are required to satisfy any particular conditions when seeking sanction for increases in insurance premiums.
Written Answers. - Motor Insurance
346.
The Department maintains details of the rates charged by motor insurers. Increases in rates recommended by the National Prices Commission and approved cannot be applied until the companies make available revised schedules of rates showing in detail how the increases approved are to be applied. The schedules of rates as provided by the companies include details of standard loadings, for example, as to area, age of car, or age of policyholder, but do not include details of claims or disability loadings. Information in regard to the latter cannot be provided in advance since these loadings relate to the particular circumstances of the individual risk.
Motor insurance companies are required like all other applicants for price increases to make available detailed financial and other information in support of all applications for increases.