Sean Barrett (Independent) | Oireachtas source

The recommendation from the National Competitiveness Council is that the Central Bank and the Department of Finance should continually review and monitor the accuracy and proportionality of financial services regulation, which, as the Minister of State has said, now includes the insurance sector. The money involved for Setanta was €92 million, while Quinn Insurance lost €905 million in 2009 and €160 million in 2010. There is the 2% levy, and we have statements from the Personal Injuries Assessment Board to the effect that insurers should be asked to explain price hikes. There is a serious problem in this area and I do not question for one second the Minister's commitment to dealing with it; in doing so, he will have the support of this House. That said, we have a bad record here. This issue requires more attention from parliamentarians and those who have responsibilities in this regard. Having underlined that point, I will not press the amendment.