Dáil Éireann Debate, Tuesday - 2 May 2017
268. Deputy Niamh Smyth asked the Minister for Finance if he will review the case of a person (details supplied); his plans to help persons with the rising cost of motor insurance; and if he will make a statement on the matter. [20019/17]
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 can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to review individual cases nor to direct insurance companies as to the pricing level that they should apply to particular categories of individuals.
However, I do accept that it is possible for the State to play a role in helping to stabilise the market and deal with factors contributing to the cost of insurance. Consequently, I established the Cost of Insurance Working Group and appointed Minister of State Eoghan Murphy as Chair. The Report on the Cost of Motor Insurance was published in January 2017. It contains 33 recommendations and 71 actions which are detailed in an action plan contained in the Report with agreed timelines for implementation.
Finally, the Deputy should note that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. Insurance Ireland can be contacted at feedback@insuranceireland.eu or 01-6761914.
