David Cullinane (Waterford, Sinn Fein) | Oireachtas source

In page 4, between lines 9 and 10, to insert the following:

“Amendment of section 7F of Principal Act

3. Section 7F of the Principal Act is amended, in subsection (4A)-

(a) in paragraph (a), by the substitution of “4.4 per cent per annum” for “6 per cent per annum”,

(b) by the deletion of paragraph (c).”.

I welcome the Minister of State, Deputy Butler. Last year, the Government provided for an increase in reasonable profit on insurance policies from 4.4% to 6% by 2024. We tabled an amendment last year to reverse that and to undo it. It is a time of rising costs for families generally right across society, as we have debated several times. We all know about the cost-of-living crisis, rising energy costs, rising insurance costs, rising food costs and all of the rising costs that people are facing. To add additional costs for patients, and this is an increase of approximately 30% in profits for private healthcare insurance companies, is the wrong course of action. Our amendment seeks to reverse that increase from 6% back to 4.4% per annum, which is what it should be. I would welcome the Minister of State's response.

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