Dáil Éireann Debate, Wednesday - 28 September 2005
695 Mr. Durkan asked the Minister for Enterprise, Trade and Employment the extent to which he expects insurance costs in respect of public liability or house insurance to be reduced; if he expects an improvement of competition in the insurance industry; and if he will make a statement on the matter. [25996/05]
Amharc ar fhreagraSupervision of insurance undertakings is the responsibility of the Irish Financial Services Regulatory Authority, the financial regulator, which is under the aegis of the Department of Finance. Since the end of 2004, the Department of Transport has responsibility for motor insurance, including follow up on the remaining recommendations of the Motor Insurance Advisory Board reports, which are at the core of the Government's insurance reform programme. That programme provides the environment for reductions in insurance input costs. Already, for example, the Personal Injuries Assessment Board, for which I have responsibility, is delivering faster and cheaper claims settlement procedures benefiting insurers and claimants alike.
The Competition Authority, in its 2005 report into competition on the non-life insurance market, made some 47 recommendations to improve competition among existing insurance providers and to ease market access to new entrants. Implementation of the recommendations, many of which are in the technical and regulatory areas, is being considered by the financial regulator, among others. None fall for implementation by my Department.
