Dáil debates

Thursday, 15 July 2021

Ceisteanna ó Cheannairí - Leaders' Questions

 

12:10 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome the Tánaiste's comments on my legislation. He has said before that it was a sensible idea. We have translated that into legislation and it has passed Second Stage. Unfortunately, however, the process of putting a nine-month stay on it just does not make any sense and nor does it make any sense that we cannot look at the Bill or even, as a committee, ask the Central Bank its views on it for nine months. This can serve only the insurance industry's interests. The Tánaiste talked about two months' data and no data from the courts and the profit margins of insurance companies and that was before awards were slashed dramatically. I heard him ask how much insurance premiums should come down because of the reduction. He was not able to answer and I could not answer that question either because we do not know. That is why that legislation is really important. It makes the insurance company satisfy the Central Bank that these rewards were completely passed on to the consumers and done in an audited way. I therefore ask the Tánaiste not to take a delaying approach, which is what has happened in this regard. We now have the same approach to motor insurance and public liability. The cost and the number of claims are going down but premiums have gone up. Let us lift the stay on this Bill, allow it to go to pre-legislative scrutiny, hold the industry to account and bring transparency to this area.

Comments

No comments

Log in or join to post a public comment.