Mr. Anthony Brennan:

We have been working away on the Consumer Insurance Contracts Act for the past two years. Much detailed work has been undertaken in that regard in the past six or seven months. We are ready to implement the Act on 1 September. The main impact for customers is that they will be able to see their claims and premiums information for the previous five years. The advent of this legislation is going to change the nature of insurance.

One of the unexpected consequences may be more pieces of paper in a renewal package - perhaps another four or five documents on average. Customers will see more questions being asked, because the insurer's responsibility to ask specific questions has been increased, and that will happen. Insurers will, therefore, ask more questions as part of the renewal process and in respect of new business concerning policies. However, I reiterate that we are ready and we will be going live on 1 September in respect of the final stages of the Act.