Mr. Donall O'Keeffe:

There are two obvious options. The Regulator is the Central Bank. The Regulator should have the wherewithal to carry out that study and publish the findings but, ultimately, it is a function and responsibility of the Department of Finance. The Minister could mandate that such a study be carried out.

The key point is that an independent evaluation would bring clarity in terms of the elements driving up the cost of premiums because a series of bodies and sectors are pointing at each other. The insurance companies are blaming the legal eagles and the legal eagles are blaming the insurance companies. Medical costs, false claims and the high level of awards are coming into play but nobody can say how much of the costs is attributable to each element and without that, we are all in the dark. I would assume the Central Bank is the obvious body to do this but also the Department of Finance.