Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It is page 69. It goes on to say that it is noted by the working group that any changes to non-life insurance regulations would be subject to the Central Bank of Ireland's usual consultation process, which is the process followed when enhancements to the regulatory framework are being proposed. This consultation process would need to engage with consumer stakeholders and with insurers to determine an appropriate lead time for any necessary changes to IT or pricing systems to reflect the requirements for the additional breakdown in the premium make-up. The working group is not seeking to prejudge the outcome of the consultation. The Minister of State is setting out that there needs to be a breakdown between mandatory and non-mandatory insurance, but he is also recognising that he does not have that ability as Minister of State for Financial Services, eGovernment and Public Procurement, because the Central Bank would have to carry out a consultation if that were to happen. The Minister of State has not asked for it to go beyond those two points. That is a weakness, although I believe it is not his intention. However, there is no guarantee that he will be the Minister responsible for this in a few months’ time. He may be moved to a more senior position.