Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank all of the Deputies for the contributions made on the Report and Final Stages of the Bill. In taking on board the comments made by Deputy Penrose, there are provisions regarding indemnity which deal with all non-life insurance policies. They fall into the indemnity insurance category, where there has to be an economic interest in the contract. While a person might not have an insurance interest, he or she must have an economic interest in a case. There is that protection in reference to some of what was suggested by Deputy Penrose. Further scrutiny will probably be required, although this issue did not arise at any stage of the pre-legislative scrutiny process and has not been raised prior to today. An amendment on an earlier Stage would have allowed us to tease it out further.

I welcome the support of the Deputies present and their respective parties for the legislation. It is important legislation which deals with issues such as an insurable interest. It will ensure, for example, that the interpretation of a contract of insurance will be to the benefit of the consumer in a case where there is confusion. It will also ensure issues such as the warranties we discussed will not provide a way for insurance companies to wriggle out of paying legitimate claims. The Bill will also ensure the consumer will no longer have to volunteer information and try to second-guess what the industry is looking for. The Bill places the requirement on the industry to ask the questions and an obligation on the consumer to answer them honestly. In cases where there are minor discrepancies the Bill will ensure claims cannot be completely invalidated. One such case involved damage to a property which had four bedrooms. In the insurance contract the property was described as having three bedrooms. As a result of providing what could have been perceived up to now as fraudulent information, the insurance company did not pay. That was completely unjustified and immoral, but the Bill will resolve such issues. It also deals with issues such as renewal notification in seeking quotations. This will help people to shop around and look for better value. It also deals with a crucial issue for sectors such as the soft play sector which are finding it difficult to obtain insurance cover. We saw where they were able to come together. It took a lot of work for them to try to find out what claims and premiums were being paid. Under this legislation, all of the different organisations will be able to pick up last year's renewal notification and see what premiums were paid in the last three years and what the quotes were.

I again thank Deputies for contributing to the debate, both today and on previous occasions. I also thank the Minister of State, Deputy D'Arcy, for his engagement on the Bill. He has mentioned that it is a long time since the Bill commenced its journey. It is and it would be remiss of me not to point out that it was one of the pieces of legislation that were being held up by the lack of a money message. However, where there is a will, there is a way and where we can come together and pass legislation, it will be to the benefit of consumers. During his time as Minister of State, Deputy D'Arcy has been nothing but helpful in dealing with this legislation, as have his officials. They engaged with me several times and my staff. I mention Pól McIlvenny and Declan O'Farrell who have been instrumental in making sure the legislation will be passed. I also thank Peter Boland from the Alliance for Insurance Reform who is keeping us on our toes in dealing with this issue, rightly so.

The legislation was originally authored by the Law Reform Commission, but it has changed since as we, the Minister of State and Deputy Michael McGrath made some amendments. It is all for the better for them. I commend the work done by the Law Reform Commission and during its early engagement with my office. I thank everybody who has been involved so far. I am glad that this is my second item of legislation to be passed in this House and I hope into law. Both Bills are aimed at protecting consumers. This legislation, in particular, is very important. It will protect and enhance the ability of consumers to obtain better value in seeking insurance contracts.

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