Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

The representatives gave that assurance to this committee publicly on behalf of the insurance companies they represent. They gave it directly to the Department of Finance more recently. In my meetings with insurance industry representatives over the past two months, I referred to the action plan for insurance, with its specific deadlines. The vast majority of the actions are to be completed within 12 months. I am now writing to representatives with the action plan on the basis that it is to be implemented in light of a commitment on premiums. I am writing to those concerned on a one-to-one basis and I will get responses back on a one-to-one basis early in the new year. I cannot operate collectively because it could be seen that there is a cartel or an effort to fix prices. Second, the Government cannot dictate prices in the insurance market. Therefore, my work and the work of the new office promoting competition will be to deal with the insurance companies on a one-to-one basis because doing so collectively could be seen as a breach of competition rules and regulations. I await responses to my letter, which I am sending out to members of the industry this week with the action plan. When I receive information back, I will be happy to share it on an industry-wide basis but not on a company-by-company basis.