Terry Leyden (Fianna Fail)

I was delighted when the list was published and issued to us at the committee. Who has more experience of dealing with legislation than Members of the Oireachtas? The appointment brings to that organisation a direct link between it and the Oireachtas and the experience gained by Senator O'Toole will be made available to the House.

Other Government initiatives in this area include: a joint study by the Competition Authority and the Department of Enterprise, Trade and Employment into the insurance sector to identify anti-competitive practices and other constraints in competition in the non-life insurance market, with particular reference to motor insurance, employers' liability and public liability insurance; and the establishment of an Independent Financial Services Regulatory Authority, IFSRA, under the aegis of the Department of Finance, to improve financial regulations and look after the interests of consumers.

The details of the insurance industry are well known to the public. The total premiums from motor insurance for 2001 came to nearly €1.7 billion or 1.5% of the gross domestic product. Ireland has the highest litigious population, with significant court awards. There was a 14% rise to 8,323 in the number of personal injury cases started in the High Court in 2001. In the same year, the High Court disposed of 9,323 personal injury cases and had 10,744 cases in hand. Third party motor insurance is compulsory and differs from many other products or services in that there is a limit on consumers' ability to not purchase or to substitute cheaper alternatives.

As I should have said at the outset, I welcome the Minister of State at the Department of Enterprise, Trade and Employment, Deputy Michael Ahern, who is well aware of the insurance situation. Given that the Tánaiste is directly involved with this issue, I have great confidence. She has taken quick action on the report and has implemented it in full. She is conscious of the effect of insurance costs on everyone.