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

We do not have the information yet. Until now, it has been quite legal for them to do it and there is no provision against this abuse of customers’ loyalty. It is shocking that the insurance companies were doing that for years. That is why this is now coming to a head. The Central Bank has the regulatory powers to deal with the issue. In regard to the companies, the Central Bank can seek information, it can do audits and, as with previous issues, it will write to the chief executives to correct this. It has powers in regard to the licences of these companies to ensure they comply with good practice and consumer protection. The Central Bank itself would be the sanctioning body with the insurance companies because it is the regulator, not the Department of Finance.