Dáil Éireann Debate, Wednesday - 4 July 2018
169. Deputy Noel Grealish asked the Minister for Finance if he and the Minister of State with special responsibility for financial services and insurance will continue to meet a group (details supplied) to ensure that the views of policyholders are fully represented in the reform of the insurance market. [28664/18]
Amharc ar fhreagraI welcome the role that the Alliance for Insurance Reform is taking in regard to the issue of the cost of insurance, particularly for businesses and voluntary organisations. The Minister of State for Financial Services and Insurance, Mr Michael D’Arcy TD, has formally met with the Alliance, and relevant issues were discussed. Both Minister D’Arcy and I are very conscious of the impact that the volatility in insurance prices in the last few years has had on businesses, Alliance members as well as other organisations. The Alliance has put its viewpoints across at Joint Oireachtas Committee appearances, while its members have submitted a large number of representations to the Department, both directly and through Senators and TDs, who have also tabled Parliamentary Questions on behalf of the group.
In particular, the reforms being sought by the Alliance in its “10 asks” are well known, but practically all relate to issues which were comprehensively examined and considered by the Cost of Insurance Working Group in the course of producing its two reports, namely the Report on the Cost of Motor Insurance and the Report on the Cost of Employer and Public Liability Insurance. Indeed, having considered the matter in some detail, a number of these measures are in the process of being implemented, such as amending Section 8 of the Civil Liability and Courts Act 2004 and establishing a procedure to ensure exaggerated and misleading claims are referred to the Gardaí for investigation and prosecution, if appropriate. In respect of other issues, put forward by the Alliance such as changing the approach to calculating the Book of Quantum, Minister D’Arcy has already indicated that there are constitutional issues which need to be first considered, thus explaining why the Working Group referred the matter to the Law Reform Commission for examination.
It should be also be noted that Minister D’Arcy and my Department generally have been involved in consulting extensively with various stakeholders across the insurance sector including groups representing the interests of policyholders on an ongoing basis, most particularly through the Cost of Insurance Working Group project. Indeed, the primary objective of the Working Group ultimately is to ensure the delivery of fairer premiums for consumers and businesses through setting the conditions for a more stable and competitive insurance market.
Finally, both the Minister of State and our officials will continue to meet relevant stakeholders and representative groups throughout the implementation of both Reports.
