Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank the Deputy again for consistently raising this issue because it is a very important sector of the Irish business environment. There has been great success in the reduced premiums in motor insurance and the same is happening in house insurance this year. On 1 July we will have new price walking measures introduced by the Central Bank which will have immediate effect. People will receive notifications of their renewals. People who have been charged what I would call a loyalty penalty up to now, from mid-May of this year in just a couple of weeks' time, will see the benefit of that loyalty penalty being dealt with effectively by the Central Bank on policies that come to be renewed after 1 July.

I acknowledge the work of Insurance Ireland and Brokers Ireland. Everybody knows that this House and the Department of Finance has no role in the market. It is a private sector business but I will say that we are very open to refer people to both Insurance Ireland and Brokers Ireland to see what commercial arrangements they can make themselves. Again, this has proven very successful.

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