Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I thank Deputy Doherty for this amendment and his constructive engagement with officials on its drafting. The Department has consulted the Central Bank, which has expressed reservations about the amendment, including the fact that it was likely to lead to additional costs for insurers and is complex insofar as it will apply to many different classes of insurance. The industry has also expressed its concerns about this provision. I do not agree with the Central Bank or the insurance companies.

To be very frank, when I first came into this office I thought the easiest thing to do for motor insurance was to put last year's premium a couple of lines above it and I met nothing but resistance every step of the way and there was no flexibility on that. We are passing legislation here that obliges three years' information on the premium and the awards to be given and I am very supportive of this amendment.

The Government understands the background to this proposal and is broadly supportive of this provision. We have to give time to the insurance companies to introduce systems to enable them to provide this information as this is not something that can be done overnight. Whether they are willing or unwilling is a moot point. The legislation will be passed and I hope that all Deputies will accept that I will move this along as quickly as I can.

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