Frank Feighan (Sligo-Leitrim, Fine Gael)

I hear the Senator's disappointment and will bring that back to the Minister of State. I thank her for raising this important issue and for her contribution today. The Government is keenly aware of the cost of insurance for consumers. Indeed, we as politicians, across all parties, are keenly aware of it because we pay insurance ourselves and our constituents have to pay it. We have to be clear with the insurance industry that we fully expect cost savings achieved through the reform agenda to be passed on to consumers in the form of reduced premiums. A transparency code is an important additional reform to enhance trust and improve consumers' decision-making.

The Minister of State has said he will also be meeting the CEOs of the major insurance companies later this month to communicate the expectation that the code be widely adopted and consistently applied. In addition, he will also press upon them the need to play their part by ensuring the benefits of reform are felt directly by consumers through lower premiums and greater confidence in the market. The Senator said she wants to find out what the primary objective of the code is. I will pass that on to the Minister of State. By working together and raising this matter in the Seanad we can achieve a competitive and sustainable insurance market in Ireland that supports the transparency the Senator is calling for, fairness and affordability for all consumers.