Rose Conway Walsh (Sinn Fein) | Oireachtas source

I move amendment No.3:

In page 11, line 20, to delete “three years” and substitute “five years on foot of the contract”.

Amendments Nos. 3 to 9, inclusive, significantly improve conditions for consumers and businesses when their policies are due for renewal and will strengthen their hands when they are looking for a better deal or are facing unjustified hikes in their insurance premiums. Our amendments deal with a number of issues which I will not outline in turn. When a consumer receives a renewal quote as his or her policy expires, the insurance company will be under legal obligation to provide details on any premiums paid by that person to it in the preceding five years. In addition, the insurance company will be under legal obligation to provide a list of any claims paid by it to the policyholder or any third party in the preceding five years.

I commend Deputy Pearse Doherty on these reforms and welcome him and Mr. Pól McIlvenny to the House. These reforms require the provision of a five-year history of premiums and claims to be given to policyholders at renewal. Deputy Pearse Doherty tabled these amendments on Committee Stage but the Minister of State was not in a position to accept them. I acknowledge, however, that he and his officials continued to work with Deputy Pearse Doherty and my party so that we could table them again in the Seanad. These reforms will bring transparency and give negotiating power to policyholders. Many policyholders are seeing their premiums rise even though they have not made any claims. The practice of dual pricing by the insurance industry has been raised by Deputy Pearse Doherty in the Oireachtas and with the Central Bank. I am pleased to say that the Central Bank has now begun an investigation into this practice, having received a request and a 130-page complaint from Deputy Pearse Doherty on the impact of dual pricing on loyal customers and on vulnerable groups.

Some will say that the requirement that the insurance companies provide their customers with up to five years of claims history data, including information on third-party claims, is too onerous. However, all of this information is available at the touch of a button on their computer systems. Far from being onerous, the legislation will extend and strengthen transparency for everyone in the insurance industry and everyone with an insurance policy. I draw attention to the fact that, under these amendments, insurance providers, excluding health insurers, will be required to provide a list of all claims that have been paid on foot of the contract in the preceding five years, including third-party claims. This is a crucial reform brought forward by Sinn Féin which will be welcomed by individual customers, businesses and voluntary organisations. These amendments will strengthen the hand of every insurance policyholder in the State.