Finian McGrath
Ceist:49. Deputy Finian McGrath asked the Minister for Finance his views on the unreasonably high insurance premia for taxi drivers; and if he will make a statement on the matter. [8929/16]
Amharc ar fhreagraWednesday, 4 May 2016
Ceisteanna (49)
Freagraí scríofa
The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks.
As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, may interfere in the terms of provision of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing, or terms and conditions of an insurance product.
Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. In the event that a person is unable to obtain a quotation for motor insurance or feels that the premium proposed or the terms are so excessive that it amounts to a refusal to give them motor insurance, they should contact Insurance Ireland, 5 Harbourmaster Place, IFSC, Dublin 1, Telephone +353 1 6761820 quoting the Declined Cases Agreement.
I would also like to add that my Department has commenced a Review of Policy in the Insurance Sector. This is being undertaken in consultation with the Central Bank, Departments and Agencies and other relevant stakeholders. The objective of the Review is to recommend measures to improve the functioning and regulation of the insurance sector. This Review will include an examination of the factors contributing to the cost of insurance.
Work on the Review will continue over the coming months and is expected to be completed by the end of this year. The final report will be presented to Government in due course.