Seanad debates

Thursday, 14 January 2016

Commencement Matters

Motor Insurance Coverage

10:30 am

Photo of Jimmy DeenihanJimmy Deenihan (Minister, Department of Arts, Heritage and the Gaeltacht; Kerry North-West Limerick, Fine Gael) | Oireachtas source

As I said, the ability of the Government to influence insurance pricing is limited, as insurance companies are required under European law to price in accordance with risk. Neither the Minister for Finance nor the Central Bank of Ireland has the power to direct insurance companies on the pricing or provision of insurance products. In that sense, obviously, the Minister is restricted in directing insurance companies on their policy on rates of insurance and so on. I will, however, certainly convey the Senator's concerns to the Minister, who, unfortunately, cannot be here this because he is in the Dáil for Question Time. I, again, thank the Senator for raising the matter which is very topical at this time.

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