Dáil Éireann Debate, Tuesday - 27 June 2017
156. Deputy Carol Nolan asked the Minister for Finance the action being taken by his Department to implement the report on the costs of motor insurance; the effect these actions will have on insurance premiums; and if he will make a statement on the matter. [29739/17]
Amharc ar fhreagraAs the Deputy is aware, the Cost of Insurance Working Group, chaired by former Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set out in an Action Plan. 45 of these action points are due to be implemented by the end of this year with the remainder scheduled for completion before the conclusion of 2018.
There is a commitment within the Report that the Working Group will prepare quarterly update reports on its progress and the first such update report was published in early May. This update report provides details on how the implementation of the recommendations is progressing, with a particular focus on the ten action points which were due for completion during the first quarter.
My Department will publish the second quarterly update report in the coming weeks. This update report will again show the progress to date on the overall implementation of the recommendations, with a particular focus on the 17 action points which are due for completion in the second quarter of 2017.
It should be noted that substantial work has also been undertaken in respect of a number of the other 44 actions, including all eight which are classified as “ongoing” in the Action Plan.
It is envisaged that the implementation of all the recommendations cumulatively, with the appropriate levels of commitment and cooperation from all relevant stakeholders, will achieve the objective of delivering fairer premiums for consumers without unnecessary delay.
