Mr. Dermott Jewell:

Yes. Without any doubt, one of the first actions would be to utilise the regulatory body that is there. That is not to say there could not be another regulator but we should use the existing authority, the Competition and Consumer Protection Commission. If we are talking about a legally required insurance product, it could be the body to investigate the issue. It should not report five years down the road and it should have a defined period in which to work, probably of five or six months. That, in turn, would allow the body to recruit whoever it needs in the short term to put as much pressure as it wants on the big five insurance providers. Let us put pressure on those five companies and see what is driving the cost, no pun intended.

We want to know and we are entitled to know. If they do not tell us there will be a penalty, so a penalty should be introduced overnight for a lack of provision of clear and transparent information. Penalties would help at this stage and perhaps we need to announce a whistle-blowing period to allow anybody from any sector of the industry to come forward.