Vol. 540 No. 3
43 Mr. R. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the fact that the cost of comprehensive insurance cover has increased by 33% in 2001; if she has received details from the insurers of the cost changes on which this increase was based; and if she will make a statement on the growing public unease concerning overcharging in certain market segments of the motor insurance industry. [20563/01]
Decisions on the underwriting of insurance risks and setting of premiums are matters for judgment by individual private insurance companies. It should be remembered that these are issues upon which insurance companies make decisions and EU law prevents us from having any direct function in relation to them. Insurance companies are not required to seek approval from this Department for price increases. Prior approval or systematic notification of scales of premiums is prohibited by domestic insurance legislation, SI 359 of 1994, which gives effect to the third Non-Life Insurance Framework Directive. That directive was adopted by the EU as part of the completion of the Internal Market.
