Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Let me be clear. In Britain, Mr. Brennan's company, along with all of the other six largest companies in Ireland, has to satisfy the FCA as to what the cost of claims would have been before the awards were slashed, what the cost of claims are after the awards were slashed, what the premiums would have been if the awards had not been slashed and what they are now. This is the way the British Government ensured in legislation that the insurance industry passes on pound-for-pound savings. Mr. Brennan's argument is that Britain applied it to only one issue, which is whiplash. If it can be done for whiplash it can be done for all other injuries. Is it not the case that the industry does not want this oversight because without it there is no way to ensure the insurance industry has passed on pound for pound and euro for euro the reduction in awards to its consumers?

This is the only way we will be able to satisfy it. All of the companies, with the exception of FBD have to do this in Britain, yet they are resisting this oversight here.