Kieran O'Donnell (Fine Gael) | Oireachtas source

I welcome the Minister of State, Deputy D'Arcy, to the House again. He is always extremely welcome here. He is doing very valuable work. I commend him on his perseverance in the area of insurance. It is obvious he has encyclopaedic knowledge both from being in business as a farmer for many years and also the fact that he was involved in the banking inquiry with my good self. He was on the finance committee when we had the initial insurance report and subsequently he has taken up the role as Minister of State in charge of that area.

I want to make some observations. First, the initial focus should be on motor insurance. There is a facility in the Bill to go to other areas in non-life insurance. I would not want to have too many elements involved initially. It would take the focus away from motor insurance.

Second, in terms of the existing databases in motor insurance companies, is there any way of feeding those into the national database being compiled by the Central Bank or do they preserve those as their own property?

Third, when does the Minister of State anticipate that the national database will be put in place? Is he satisfied there is sufficient capacity within the Central Bank, both in terms of personnel and resources, to compile that as quickly as possible? When the database is up and running it will provide transparency in terms of the premiums being charged, the claims being made and a myriad of factors, which should bring about a lowering of premiums. Importantly, when it is being compiled it should encourage competitive premiums. The insurance industry is aware that a national database will be in place in a relatively short period of time that may point out that exorbitant rates had been charged on motor insurance premiums prior to that date.

This is a very welcome measure. It is long overdue, which we are aware of from reports. There should be no delay in passing the legislation. When does the Minister of State anticipate it will be in place? Does he believe the Central Bank has the necessary resources and capacity to put it in place?

What is the status of the existing databases in the motor insurance industry? I refer to feeding into the national database and interaction with the national database when it is up and running. Who will have ownership of the database and who will have access to it?