Vol. 547 No. 1
94 Mr. Haughey asked the Tánaiste and Minister for Enterprise, Trade and Employment the measures she can take to deal with escalating insurance costs for road haulage companies; if action can be taken at European Union level in this regard; if regulation of the industry is under consideration; and if she will make a statement on the matter. [1079/02]
I am very much aware of the increases in insurance premiums for road haulage and generally. The pricing and underwriting of insurance is a matter for individual companies. Under EU law we cannot intervene in relation to the matter of premium levels or in respect of what risks insurers are prepared to underwrite. It is intended that the establishment of the Personal Injuries Assessment Board will achieve a reduction in the delivery cost of personal injury compensation, thus permitting a reduction in insurance costs to consumers.
The Third Insurance Framework Directives were adopted by the EU some years ago as part of the completion of the Internal Market in relation to insurance services. Since their transposition into Irish law, insurance companies authorised in any member state may provide insurance cover throughout the EU on the basis of their home country authorisation and supervision. Further regulatory measurers are not under consideration at present.
