Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Let me make one point. I appreciate the comments, but the transparency is not there. I agree with Ms Thornton on this point. What we will be able to look at in terms of future reports is the level of awards that were paid prior to the guidelines and the level of awards paid after the guidelines. We may see, for example, hypothetically, a trend that awards have reduced by 10% and that premiums have reduced by X amount. However, what we will not ever have the ability to do unless we pass this legislation is to find out from AXA, Zurich, Aviva or Allianz what amount of money they have saved from the reduction in awards and whether it has been passed on in the premiums. In Britain, they are able to find out that information but we will not have that information under the national claims information database. We will see other trends that Ms Thornton reflected but that is not what this legislation is about. This is about the CEO of Zurich basically sticking to the commitment he gave here, and basically saying, “This is how much we have paid out in awards, this is the premium we have charged and, if it was not for the guidelines, this is what we would have had to pay and these are the premiums we would have charged.” Then, it is simple mathematics as to whether it has all been passed on or not.

That is the intention of the Bill. If Insurance Ireland supports transparency, that is what it is about. I do not want a dual process. I want the national claims information database to collect this information but I want that specific information so we can hold insurance companies to account. By holding them to account, by forcing them to report this, we are hoping it acts as an encouragement for them to actually pass on, euro for euro, the reduction in awards that, hopefully, we will see more and more filtered through the courts in direct settlements and other streams.