Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I am satisfied that the matter is a priority. I also know that the high level of premia is a really big issue for people in terms of their day-to-day cost of living. Insurance is also a big challenge for companies, particularly small companies.

The Chairman did not ask me to comment but I will not comment on what happened last Monday. Yesterday morning, the Cabinet agreed to begin drafting the heads of a Bill to consider how we can deal with the consequences of the Setanta ruling and what it means for the level of capital that insurance companies based in Ireland need to hold. I have been informed by the Irish insurance industry that the level of capital holding and how high it has been in the past has, in turn, contributed to increased premia. As we put in place measures to address these issues, I want to see this play a role in reducing premia in the long run. I cannot force that to happen because neither I nor the State owns the insurance companies. If we put in place measures that address issues that the industry has, I expect to see that reflected, in the long run, in the level of premia that people pay.