Dáil Éireann Debate, Thursday - 17 May 2018
225. Deputy Charlie McConalogue asked the Minister for Transport, Tourism and Sport if his attention has been drawn to the fact that some insurance companies are refusing to quote persons if they are not VAT registered; his views on whether this is impeding small businesses carrying out their work; his plans to ensure this practice is withdrawn; and if he will make a statement on the matter. [21794/18]
Amharc ar fhreagraInsurance companies are private companies. Neither my Department nor the Central Bank of Ireland has the power to direct insurance companies on the pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require prior approval of the pricing or terms and conditions of insurance products. 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 operates a free insurance information service for those who have queries, complaints or difficulties in relation to obtaining insurance. All cases regarding refusal to quote, or quotations that are so excessive as to be in effect a refusal, should be directed to Insurance Ireland by phone at (01) 676 1820, or by email at declined@insuranceireland.eu or by post at 5 Harbourmaster Place, IFSC, Dublin 1, D01 E7E8 quoting the Declined Cases Agreement. The Declined Cases Agreement is administered by a Committee made up of representatives of insurance companies, and including a representative of the Consumers' Association of Ireland and the Financial Services Ombudsman's Bureau. All motor insurance providers in Ireland must agree to abide by the Declined Cases Agreement under the General Good Requirements For Insurance and Reinsurance Undertakings of the Central Bank of Ireland (see page 6 of https://www.centralbank.ie/docs/default-source/Regulation/insurance-reinsurance/solvency-ii/requirements-and-guidance/general-good-requirements-2012.pdf?sfvrsn=4
