Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

One thing on which I am clear is that we are doing all of this work in order that the benefit will flow to the consumer, the person paying premiums, not the insurance company. I have made strong statements on the insurance companies. I do not hold them in high regard. They always win. They are the ones who charge premiums and are in charge of the allocation of an award, if one is made. The sector decides the methodology to be used by which smaller claims remain on an insured person's record. They remain on an insurance company's books for a significant period of time before being settled. The most significant issue is the level of award. The report of the Personal Injuries Commission highlighted the fact that the difference was about four and a half times the amount. The Department of Finance has produced an analysis that shows that it was five times the amount, while the PIAB carried out an analysis that also showed that it was almost five times the amount. I am talking about lower awards. The insurance sector was also represented on the Personal Injuries Commission. On occasion after occasion, it has stated that if award levels are reduced, premiums will be reduced. I am the person who has said to the Chairman of the committee that it should bring in representatives of the insurance companies. This is a public forum and the committee should put that exact question to them also. I will put it to them company by company, but that will not happen in public. I will adopt a very hard line to ensure what Deputy Doherty spoke about will not happen, namely, that insurance companies potentially will trouser the money if the level of awards comes down and premiums stay high. That is not what this is about. I have met Insurance Ireland and put the same line to it.