Oireachtas Joint and Select Committees
Wednesday, 16 December 2020
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Insurance Issues: Minister of State at the Department of Finance
Seán Fleming (Laois-Offaly, Fianna Fail)
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On requiring insurance companies to treat their customers fairly and honestly, since I have come into the Department of Finance, the Minister for Finance has made public statements on several occasions to the insurance companies on this matter. In my meetings with them, I made it clear that they are required to treat their customers fairly and honestly. The Central Bank is the regulator. The Deputy knows there is a division between the Central Bank and the Department of Finance. If it highlights issues to us that require policy and legislative change, it is our job to deal with those. It is up to the Central Bank, which is the regulator. It will come back with the granular information on insurance companies treating some of their customers as a soft touch in dual pricing.