Oireachtas Joint and Select Committees

Wednesday, 16 December 2020

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

Insurance Issues: Minister of State at the Department of Finance

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

On requiring insurance companies to treat their customers fairly and honestly, since I have come into the Department of Finance, the Minister for Finance has made public statements on several occasions to the insurance companies on this matter. In my meetings with them, I made it clear that they are required to treat their customers fairly and honestly. The Central Bank is the regulator. The Deputy knows there is a division between the Central Bank and the Department of Finance. If it highlights issues to us that require policy and legislative change, it is our job to deal with those. It is up to the Central Bank, which is the regulator. It will come back with the granular information on insurance companies treating some of their customers as a soft touch in dual pricing.

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