Lisa Chambers (Mayo, Fianna Fail) | Oireachtas source

The insurance industry is posing many real challenges to consumers in Ireland. We are still dealing with the fall-out of the collapse of Malta-based Setanta Insurance. We must learn from this situation, do what we can to protect Irish consumers and prevent similar situations happening in the future. I recognise the real challenges posed by insurance companies regulated in other European jurisdictions. There is a limit to what we can do but we have not yet reached that limit.

This motion calls on the Government to take a number of reasonable and sensible actions, in particular that it consider taking legal action against the Maltese and Gibraltar authorities for losses arising owing to inadequate regulation of Setanta Insurance and Enterprise Insurance. I note the Minister of State's point that there is insufficient likelihood of a successful action to justify the costs which would be incurred in taking this course of action. I would welcome more details in that regard. The lack of regulation in other jurisdictions has a serious negative impact on Irish consumers. While we have freedom of services across the EU, that comes with obligations and responsibilities on every member state, including a real responsibility on member states not negligently to permit harm to come to citizens of other jurisdictions.

This Government is not addressing the real and ongoing insurance issues affecting every family and citizen. This particular motion, the vote on which I am disappointed to hear the Government will be abstaining from, will go some way towards addressing those issues and concerns. I urge the Government to revisit its decision not to support this motion. This is an issue affecting young people, businesses and families across the country and this Government is failing to get to grips with it. For the Government to sit back and abstain from the vote and not to deal with the issue or take on board the sensible and reasonable suggestions from across the Houses shows a serious lack of commitment on its part to tackle and address this issue.

In regard to the Minister of State's statement that the advice that has been received on this issue is that there is insufficient likelihood of a successful action to justify the costs which would be incurred in taking this course of action, I ask that she present that advice to the House and allow Deputies to assess it.

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