Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The Central Bank will have to be notified by an insurance company and my expectation is that it will publish some form of index or other publication detailing the companies that have not taken sufficient action. This is why we have a run off period of three years. If the Central Bank were to form the view that there is not adequate consumer awareness of this issue then a three year run off period provides ample time to make sure that consumers are aware of any potential risks they may face. That said, consumers have a responsibility to ensure that they are adequately insured. We are talking about a very small number of businesses as a percentage of the total and that is why we have put a three year run off period in place.

See this speech in context