Oireachtas Joint and Select Committees

Tuesday, 29 May 2018

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

Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion

4:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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I will come to the issue of claims but I will make another comment before I move on from the marts issue. The representatives before the committee last week referred to potential health and safety works that were required. They were carried out in the past by certain marts but the premiums still increased. Following the recent accident in one of the marts, there was a call for substantial work in several marts. Those involved called for some type of grant aid to support the industry to reach new health and safety standards. The hope is that there would be acceptance by the insurance industry that such a move would result in the premiums falling. Is that something the Minister of State is open to discussing with mart operators?

That takes me on to questions on the claims database. The Minister of State referred at the end of his contribution to a phased approach. I got a nice letter from Insurance Ireland. That body was giving out to me about what I had been saying about it and its objection to what is being proposed. I said it was a sick joke, given that the commission is actually investigating Insurance Ireland for potential cartel-like activities involving deterring new entrants from the market. Yet, in the Insurance Ireland submission to the Department's consultation exercise, the body suggested that the national claims information database would do exactly what Insurance Ireland is accused of doing, that is, it would prevent additional or new entrants to the market.

Does the Minister of State have a view on curtailing the type of information that would be collected? Does he have a view on the requirements on the Central Bank to report in the way suggested in the heads, that is, with regard to transparency and the links between premiums and insurance and so on? That is something we know Insurance Ireland does not want the Department or the committee to do. Is there any rowing back from the Government with regard to what is being proposed? Can the Minister of State tell us when we are likely to see that database?