Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

Dr. Roux stated the legal reality that:

The Central Bank does not have a role in the setting of premiums, and ... is explicitly prohibited by European law from [doing so] ... This is because the European single market for insurance has been set up by EU legislators on the basis of free market principles ... The contention underpinning this institutional choice is that over the medium term, the free play of market forces brings benefits to consumers which outweigh their costs.

Is this not just an act of faith? Is there any evidence, regarding the motor insurance industry, to back it up for people in Ireland who must have motor insurance?