As the Deputy will be aware, Recommendation 11 of the Cost of Insurance Working Group’s Report on the Cost of Motor Insurance recommended the establishment of a National Claims Information Database to increase transparency in the insurance sector.
The Central Bank (National Claims Information Database) Act 2018 provides the Central Bank with the necessary powers to establish and maintain the Database and this legislation was commenced on 28 January 2019 under the Central Bank (National Claims Information Database) Act 2018 (Commencement) Order 2019 (S.I. No. 2 of 2019).
As the underpinning legislation has been commenced, the Central Bank of Ireland is in the process of making appropriate regulations in respect of the National Claims Information Database, as provided for in the Act. The Act requires the Bank to consult with me as Minister in respect of those regulations and I am expecting the Governor to write to me shortly in that regard. Once this consultation has taken place, the Bank will publish the regulations.
Following on from the similar work completed in the process of producing the Motor Insurance Key Information Reports under Recommendation 12 of the Cost of Insurance Working Group’s Report on the Cost of Motor Insurance, the Central Bank will continue to collaborate with insurance undertakings to ensure efficient data collection. As outlined previously, the Central Bank expects to publish its first report under the Act during the second half of 2019.