Barry Cowen (Laois-Offaly, Fianna Fail) | Oireachtas source

People want action. Car insurance costs will increase by 55% this year if things are allowed to continue. That is not normal and it is most definitely not acceptable.

There is no point in relying on data emanating from the insurance industry because there is no transparency in the industry. We are expected to take its word, without questioning the regulation of the industry. The days of relying on self-regulation of the industry are gone.

The response that the Tánaiste and the Minister for Finance, Deputy Noonan, are reviewing the situation will not wash. The Tánaiste, as we have stated previously, has had ample time to consider our recommendation. An advisory board will address this issue, as the MIAB did in the past. Many Government backbenchers agree with this proposal. They want the Tánaiste to take ownership of this situation and show leadership as the Government comes to an end. Will the Tánaiste answer the call that is made on us as public representatives by those whom we have the privilege to represent, and ensure there are no questions to be asked about those who have regulatory authority in this area?

We cannot stand idly by when serious questions are being asked about regulation in the sector. It is time the board was put in place. The Tánaiste should not rely on the industry to give her the information, which means it can continue at pace to increase costs and insurance premiums in the manner in which it has been doing. All the good the Tánaiste claims to have exercised in the recent budget is wiped out at the stroke of a pen by the likes of this sector.

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