Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

In terms of section 67, and section 66 which is similar, is there any consumer risk to an individual who has a policy written by one of the insurance companies that is subject to the provisions of these two sections? Is there any risk to an individual in terms of a delayed claim or having fewer rights than the customers of a company that is currently authorised and will continue to operate and write insurance here? I ask the Minister to explain why a period of three years was chosen. Companies will not be allowed to write new policies from the date of Britain leaving the EU. Why is three years deemed appropriate? What percentage of policies does the Department estimate will be captured by these two sections? Are we looking at 3% or 10% of the market that is unlikely to be writing new insurance products into the future?

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