Vol. 573 No. 5
23 Mr. Sherlock asked the Minister for Finance the progress made to date in regard to implementing those areas of the Motor Insurance Advisory Board action plan for which his Department has responsibility; and if he will make a statement on the matter. [25789/03]
The MIAB action plan identifies three recommendations as being my Department's responsibility.
The Central Bank and Financial Services Authority of Ireland Act 2003 implements recommendation four that there be a proper balance between prudential concerns and the direct interests of motor insurance policyholders. Section 26 of the Act provides that the new Irish Financial Services Regulatory Authority is required to promote the best interests of users of financial services in a way that is consistent with the orderly and proper functioning of financial markets and the orderly and prudent supervision of providers of those services.
I expect to publish a second Bill during the current Dáil session that will provide for a statutory financial services ombudsman whose mandate will include complaints in relation to insurance. This will implement MIAB recommendation 27.
As regards MIAB recommendation 58, the stamp duty on certain non-life insurance policies is a significant source of general revenue to the Exchequer and, as I already stated in response to previous parliamentary questions, I have no plans to abolish or ring-fence this duty.
