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

Assuming this provision is enacted, there will be no issue across this period in relation to claims or the operation of policies. The whole purpose of this section is to ensure the maintenance of the status quo. However, this section is somewhat different from others in the Bill in that it contains a time limit. I will take on board what Deputy Pearse Doherty said about consumer notification. That might be something we can consider in the aftermath of the operation of this section in the event of a disorderly Brexit taking place. Our focus and that of the Central Bank is on maintaining continuity of consumer protection, which we will do through this section.

Later on in the year, if we find ourselves in such an awful situation, I will consider asking the Central Bank if it could give notice to a small number of consumers that they have a run-off period in place, at the end of which they will need to replace their current product with a new product. It is entirely possible that during that period the company may reorganise its affairs to be fully compliant with the requirements of the Central Bank. However, given that we are making all of these changes to try to avoid a consumer protection issue, it is fair to suggest that consumers be made aware of what is under way and what change they might need to make. I will speak to the Central Bank about that.

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