Dáil Éireann Debate, Thursday - 6 July 2017
82. Deputy Róisín Shortall asked the Minister for Finance if his attention has been drawn to the problem of fraudulent car insurance brokers; the steps he is taking to address this issue; the regime in place for establishing the bona fides of brokers; the penalties attached to fraudulent trading; and his views on the adequacy of the current regime. [32015/17]
Amharc ar fhreagraI am aware of the issue raised by the Deputy. I note that An Garda Síochána this week advised the public on how to avoid such fraudulent insurance brokers, discouraging motorists, for example, from buying insurance policies from unusual sources such as social networks, or in bars or restaurants or public places.
A valid certificate of motor insurance can be obtained either directly from an Insurance Undertaking or an Insurance Intermediary, otherwise known as a Broker. The Central Bank of Ireland encourage anyone intending to engage with an Insurance Intermediary, to check its online register to ensure that the firm is authorised to provide the service offered. If a firm is not registered to provide that service, individuals should avoid using it. The registers can be checked at http://registers.centralbank.ie/.
Some Insurance Intermediaries may be registered in other EEA Member States, and thus are permitted to provide services to customers in Ireland. If in doubt, consumers should contact the Central Bank on 01 224 4000 to confirm if such firms are permitted to operate in Ireland.
Whenever the Central Bank becomes aware of unauthorised firms in operation, it issues a public warning notice and refers the firm to the Gardaí. To date, approximately 294 unauthorised firms have been the subject of Central Bank warning notices.
It is a criminal offence for an unauthorised firm/person to provide financial services in Ireland that would require an authorisation under the relevant legislation which the Central Bank is the responsible body for enforcing.
In that respect, I am satisfied that the Central Bank has the necessary powers in order for it to carry out its functions.
