Dáil Éireann Debate, Tuesday - 30 June 2020
23. Deputy Jackie Cahill asked the Minister for Finance the reason equestrian centres cannot get day cover for pony trekking companies (details supplied); and if he will make a statement on the matter. [12872/20]
Amharc ar fhreagraAt the outset it should be noted that neither I, as Minister for Finance, nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products or have the power to direct insurance companies to provide cover to specific individuals or businesses. This position is reinforced by the EU framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so. Consequently, I am not in a position to direct insurance companies to provide insurance to equestrian centres or as to how they price their policies or what terms and conditions they apply in those policies. As the Deputy will appreciate, I am also not in a position to comment or adjudicate on the specific type of matter raised in the details supplied.
It is my assumption that the question relates to the ability of the equestrian centre and/or the pony trekking company being able to acquire its claims history records, so as to allow the equestrian centre to source insurance from another provider. As I have stated previously, I strongly believe that insurers should treat their customers honestly, fairly and professionally, in line with the Central Bank’s Consumer Protection Code, and to be of assistance to the Deputy, my officials contacted the Central Bank in relation to the query. The Central Bank informed my officials that while there are detailed rules in its Consumer Protection Code relating to claims processing, the particular issue outlined relating to claims history records is not specifically covered by the Code. However, under the General Principles of the Code, a regulated entity must make full disclosure of all relevant information in a way that seeks to inform the consumer and must supply information to a consumer on a timely basis, having regard to the urgency of the situation and the time necessary for the consumer to absorb and react to the information provided. Therefore, it would be my expectation that customers are entitled to the records containing their claims record. However, as noted already this is not a matter that I can adjudicate on.
Finally, I would note that if a consumer has a complaint with the service of their insurance provider, it is advisable that that they make a complaint to the firm's internal complaint resolution process. This includes if they believe that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law. The Consumer Protection Code requires that if after 40 days the complaint has not been resolved to the customer’s satisfaction, the regulated entity must inform the consumer that they may refer their complaint to the Financial Services and Pensions Ombudsman (FSPO). The FSPO is a statutory official who acts as an independent arbiter of disputes which consumers may have with their insurance company or other financial service provider. The FSPO can be contacted either by email at info@fspo.ie or by telephone at 01-567-7000.
