I understand that the Deputy is inquiring as to whether I have enacted any new legislation regarding the renewal of small public service vehicle (SPSV) motor insurance. I have not enacted any such legislation and wish to advise the Deputy that my responsibilities, as Minister for Transport, Tourism and Sport, with respect to motor insurance, are limited to the requirement under the Road Traffic Acts relating to compulsory insurance for drivers of mechanically propelled vehicles and for the Agreement with the Motor Insurers' Bureau of Ireland regarding uninsured driving.
More generally, I am acutely aware that the rising costs of motor insurance for drivers generally are also affecting the taxi industry. These difficulties being experienced by taxi and hackney operators were highlighted by my Department and the National Transport Authority to the Working Group established last year, by the Minister for Finance, to review the factors which are influencing the increase in cost of motor insurance.
The Report of the Working Group, published on 10 January 2017, states that while neither the Minister for Finance nor the Central Bank of Ireland can direct insurance companies as to how they price their products, the Working Group believes that the implementation of the Report's 33 recommendations and 71 associated actions will lead to greater stability in the pricing of motor insurance and will help prevent the volatility that we have seen in the market in the past (both up and down) and should also better facilitate potential new entrants to the market.
My Department, together with the appropriate bodies, will work towards implementing the recommendations in the Report that are relevant to the taxi industry within the required timelines.