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

I thank the Deputy. I will start by recognising the Deputy’s work down the years in highlighting this issue, which has been very helpful to us in government in enabling us to act on this issue. The proposal that the Deputy makes is worthy of consideration and would be a matter for the Minister for Finance rather than for me but if the Deputy would like to share it with us or produce a paper or document on it, if he has not done so already, we would be happy to give it consideration. On the face of it, it sounds like a sensible proposal but I would have to see the detail before I could say so for sure.

On the wider issue, the Government has embarked on a major reform of the insurance sector in Ireland that has been led by me as Tánaiste and Minister for Enterprise, Trade and Employment. I head a ministerial committee, which is now implementing the action plan for insurance reform and it is one of those occasions when we are probably ahead of schedule in implementing the major recommendations.

The biggest reform was of the personal injuries guidelines, which has been done and I recognise the Minister, Deputy McEntee’s work in that regard. That has reduced awards and as awards have been reduced, we now expect that premiums should also be reduced. That is logical and it is also the commitment that the industry has made. The Criminal Justice (Perjury and Related Offences) Bill has now been put in place. That legislation will tackle false and exaggerated claims.

We have reforms under way to the Personal Injuries Assessment Board, PIAB, led by the Minister of State, Deputy Troy. We will make changes to the duty of care legislation and we are also making reforms to the CCPC to improve its powers as to competition. All of these reforms are going to make a difference and not just the personal injury guidelines reform.

I have to be very clear that the reason we made these reforms and changes was so that insurance would become more available and affordable for motorists, homeowners and businesses. As these reforms are now happening and being realised we expect the insurance industry to do what it is supposed to do and said it would do, which is to reduce premiums for motor and home insurance and for employer liability, EL, and public liability, PL, for businesses. The Minister of State, Deputy Fleming, is going to individually meet all of the CEOs of the insurance companies and he is already doing that to impress this on them and if we can use the regulatory function of the Central Bank to monitor this, press them further and hold them to account on this, then I believe the Deputy's proposal is a very good suggestion.

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