At a hearing of the Oireachtas Joint Committee on Enterprise and Small Business last week, the chief executive of Allianz would not say if premia would come down as a result of the establishment of the PIAB. Members of this House need to send a clear and strong message to the insurance industry that we expect a clear and discernible quid pro quo for the reforms being brought about in this Bill. We should demand that the insurance industry delivers cheaper insurance and does not try to fudge the issue by passing on reductions to consumers and businesses. I hope the Tánaiste has got some bankable guarantees from the insurance industry and the Irish Insurance Federation that they will deliver cheaper insurance for policy holders immediately the savings from the PIAB become apparent, which I hope they will. If these savings are passed to shareholders by way of increased profits and not passed on to the consumer, the Tánaiste will have some explaining to do.