Cormac Devlin
Ceist:144. Deputy Cormac Devlin asked the Minister for Justice the position regarding the future of the personal injury discount rate; and if she will make a statement on the matter. [62322/21]
Amharc ar fhreagraThursday, 17 February 2022
Ceisteanna (144)
Freagraí scríofa
The cross-governmental Action Plan for Insurance Reform is designed to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden on business, community and voluntary organisations. It includes actions to be taken by my Department, the Department of Finance and the Department of Enterprise, Trade and Employment. The implementation of the Action Plan is being overseen by the Sub-Group on Insurance Reform within the Cabinet Committee on Economic Recovery and Investment.
The discount rate is the rate used by the courts to determine the size of an award necessary to compensate a person for damages in respect of future financial loss, typically in personal injury cases with serious long-term implications for the person concerned. A public consultation was held on this issue in Q3 2020.
My Department has analysed the submissions received in response to the public consultation and has submitted a number of options to me in relation to the manner in which the discount rate should be determined.
I would like to assure the Deputy that I am currently considering this matter and I expect to be in a position to make a decision on the way forward in the coming weeks.
Question No. 145 answered with Question No. 130.