Dáil Éireann Debate, Thursday - 8 September 2022
397. Deputy Paul Murphy asked the Minister for Finance if there is a legal requirement or a way to ensure that in cases in which persons who are switching car insurance providers, that the company a customer has been using must provide a no claims bonus certificate in full to the new insurance supplier; and, if not, if he will consider making this a legal requirement. [43466/22]
Amharc ar fhreagraAt the outset, I wish to point out that with respect to the provision of no claims bonus certificates, details of a no claims bonus must be issued with the motor renewal notice to the consumer, in writing, not less than 20 working days prior to renewal. This is a legal requirement under the Non-Life (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018 (S.I. No. 77 of 2018). These Regulations amended the Non-Life Insurance (Provision of Information) Regulations 2007 (S.I No. 74 of 2007).
Separately, my officials have contacted Insurance Ireland, the representative body for insurance providers in this country, in relation to the Deputy’s query. More generally, it has indicated that the administration of no claims bonuses is a matter for each individual insurance provider. The amount of discount offered, and the terms and conditions attached to same, will vary according to the consumer, policy, the nature of the risk and the provider. As such it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).
Where a consumer feels that they are being treated unfairly by an insurance provider, they have the option of making a 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.
Finally, it is also worth noting that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in obtaining insurance. This can be accessed by calling 01-676-1820, or by email at feedback@insuranceireland.eu.
