Vol. 398 No. 10
129 Mr. S. Barrett asked the Minister for Industry and Commerce if he is in a position to prescribe codes of conduct to be observed by insurers in their dealings with proposers of policies of insurance and policy holders renewing policies of insurance in respect of duty of disclosure and warranties; and if he will make a statement on the matter.
Section 61 of the Insurance Act, 1989 empowers the Minister for Industry and Commerce, where he considers it necessary in the public interest, and following consultation with the insurance industry and consumer representatives, to prescribe codes of conduct to be observed by insurers in relation to duty of disclosure and warranties on the part of prospective or actual policyholders.
My Department is finalising discussions with the Irish Insurance Federation on a code of conduct. It is expected a voluntary code will emerge and will be in place before the end of the year.
