Wednesday, 20 July 2016
In addressing the spiralling costs of motor insurance, the Department of Finance is undertaking a review of the policy in the insurance sector in consultation with the Central Bank and other Departments and agencies. The objective of the review is to recommend measures to improve the functioning and regulation of the insurance sector. The review will include an examination of the factors contributing to the cost of insurance. The Minister for Finance, Deputy Noonan, has established a task force in the Department to undertake the review. The first phase of that review, dealing with the framework for motor insurance compensation, has now been completed and I understand the Minister for Finance expects to publish the report in the coming weeks. The next phase of the review will focus on the factors contributing to the increasing cost of insurance. This phase of the review will be overseen by a working group chaired by Minister of State, Deputy Eoghan Murphy. The group holds its first meeting today and has scheduled further meetings for early September and the coming months. It is proposed that an interim report will be provided to the Minister for Finance by the end of 2016.