Oireachtas Joint and Select Committees

Thursday, 16 February 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Report on Cost of Motor Insurance: Minister of State at the Department of Finance

9:30 am

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

It is unfortunate that the Deputy is not in the working group . The idea was to produce a public report to give people an understanding of the different issues considered, and the action plan to show where we are going and how we are going to get there. Very detailed conversations were had on each of these points. This is not like a piece of legislation, where the insurance company can pick a sentence and say they are only going to be bound by that. We have a very active engagement now with Insurance Ireland, probably on a weekly basis, to progress each of these points. We also work with the Central Bank and others to ensure the right steps are being taken. I cannot prejudge the outcome of the consultations. It is for the Central Bank to see exactly what can be delivered. Both the Deputy and I know what we want to achieve. As the Deputy's colleague said, the proof of the pudding is in the eating. I present progress reports and update the Deputy as to what has been achieved, and he can accept or reject that. He will keep me to account, and that is how I will keep the insurance industry to account.

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