Dáil Éireann Debate, Wednesday - 25 May 2016
81. Deputy Willie Penrose asked the Minister for Finance if it is the normal procedure for insurance companies which provide insurance cover for commercial vehicles to carry out policy reviews to ascertain what the vehicle is being used for and what goods are carried in the vehicle and to identify the owner of the vehicle; and if he will make a statement on the matter. [12130/16]
Amharc ar fhreagraAs 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 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.
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.
Insurance Ireland, which represents the insurance industry in Ireland, has informed me that insurers and insurance brokers often conduct audits of sample cases on their books to ensure that the details on their records are correct. These would include all types of vehicles including commercial vehicles. Insurance Ireland stated that this exercise benefits the insured as it ensures that the risk details under the policy are correct and avoids any controversy in the event of a claim.
