Dáil Éireann Debate, Tuesday - 17 June 2014
149. Deputy Pearse Doherty asked the Minister for Finance under SI 74 of 2007 the final date legally on which an offer for renewal sent on the 27 January by an insurance intermediary will be finalised. [25300/14]
Amharc ar fhreagraSI 74/2007 dated 22 February 2007 sets out Central Bank of Ireland Regulations requiring insurers to give clients (a) 15 working days notice in writing of a renewal of the policy and terms of the renewal; and (b) a No Claims Bonus Certificate, as a separate document in addition to the renewal notification.
Regulation 5(1) prescribes that an insurer shall, not less than 15 working days prior to the date of expiry of an insurance policy, issue the policyholder with a written notification of invitation of renewal or a notification that the insurer does not wish to invite a renewal. This SI does not contain any requirements in relation to the timelines for the validity of renewal notices of insurance contracts. However, the Consumer Protection Code 2012, clause 4.30 states that: A regulated entity providing an insurance quotation to a consumer must include the following information in the quotation, assuming that all details provided by the consumer are correct and do not change:
the monetary amount of the quotation;
the length of time for which the quotation is valid; and
the full legal name of the relevant underwriter.
