Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

From the way the Deputy is speaking, one would not think that the Competition and Consumer Protection Commission was a Government agency. It is a Government agency under my Department that carried out the investigation and released a statement only in the past hour. Rather than criticising us, Deputy Doherty should at least welcome the fact that an agency under my Department took this action. The way Deputy Doherty is speaking one would swear it was some sort of NGO or something.

I am told that at least 22 of the 27 sections of Deputy Doherty's Consumer Insurance Contracts Act are now in operation. That will result in positive changes for consumers. Certain sections of the Act will have a transformational impact on insurers' systems and operations. A further year is provided so that insurers can prepare to implement these sections, taking account of the impact that it will have on systems. The Minister for Finance, Deputy Donohoe, believes it is a balanced measure and an appropriate way forward for industry and consumers.

I would say to those in the insurance sector that the findings of the Central Bank and the Competition and Consumer Protection Commission should be a wake-up call for them. They should get on with making these changes, whether legislatively required to or not.

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