Seán Sherlock (Cork East, Labour) | Oireachtas source

The Chairman has raised the issue of data. We know what the Injuries Board pays out, but there is a whole indeterminable figure that we do not know in respect of settlements. We do not know the true cost of settlements because there is not perfect knowledge. If the CCPC is investigating this without having access to the three so-called databases, it could be argued - correct me if I am wrong - that it is on the back foot in respect of this investigation. Unless it can get access to what is on Insurance Ireland's databases, then, short of a legislative change, Insurance Ireland could block the CCPC out of that and not give it access to the database. I do not know how the legislation could be changed. Ms O'Leary alluded to this matter earlier, and forgive me if I am incorrect, but if there are any number of insurance houses in this country and they are all under an umbrella organisation and not everybody has access to the databases vis-à-vissettlements out of court - about which figure there is no perfect knowledge, generally speaking - then how is the CCPC going to crack this nut? What is it going to do? Where are the powers of compellability in respect of that data from the CCPC's point of view? If it does get access to that data, what can it do to assure consumers that their premiums will reduce as a result? I have been using the following analogy for the past few days: if my insurance premium has gone from €500 to €800, which is a €300 increase, what proportion of that €300 increase is reprovisioning or rebalancing?

What proportion of that is to deal with the Solvency II rules or the financial systems control review report? What proportion of it is absolute and naked profiteering? Where will the Competition and Consumer Protection Commission come in to shed light on that for the people we represent?