Pearse Doherty (Donegal, Sinn Fein)
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Will the representatives of AIG answer the questions on premium reduction? I am not asking them to look at price signalling into the future, although I note both companies were far too happy and well able to signal when they pushed up premiums by 21% year on year. Not only did they do it publicly but we find from the Competition and Consumer Protection Commission, CCPC, that they were doing it privately as well. That is why it called the companies out for the cartel-like activity that both companies were involved with, along with other major insurance companies. Do both companies agree with the interim findings of the CCPC? Have they engaged with the CCPC under section 14B of the Competition Act 2002 to offer commitments on their future behaviour; specifically, that the type of activity the CCPC found going on for 21 months between 2015 and 2016 will not happen again? During that period, collusion in the industry resulted in a lack of competition and a dramatic increase in the rate of premiums for customers.