Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

The first recommendation speaks to the insurers and sets out the reasons for the large premium increases, and the idea is that we will develop a protocol by the second quarter of this year. If necessary, we will put in place legislation to underpin this. Insurance Ireland has informed the Department of Finance that an implementation committee nominated by the insurance company CEOs has been formed to progress this issue. They are already working to establish this protocol, which is shared by the committee and the working group. It is a question of whether I am happy it is robust enough with regard to the previous exchange I had with the committee and Deputy Doherty on what we want included in it. It will form the basis for putting it in place by the end of the first half of this year. We will see where we go from there.

The second recommendation is the insurers will provide additional information on the premium breakdowns. This will provide further transparency to help people understand the various component parts. In the action plan the timing is for the second quarter of 2018, but the Central Bank has informed us its consumer protection directorate has included specific action points in its work plans for the second half of 2017, in line with the timelines in our report. It has also provided a point of contact for the Department of Finance for consumer protection related topics. We are working across a number of Departments and agencies, and from the feedback I have received to date I am happy that everyone is taking this as seriously as the Government and the Oireachtas, and they are already putting place measures this year, either personnel or action plans, to ensure they meet their obligations as outlined in the action plan and report.