Michael McGrath (Cork South Central, Fianna Fail)
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91. To ask the Minister for Finance if his attention has been drawn to limitations being placed by insurance companies on compensation to businesses for losses arising from cyber attacks; and if he will make a statement on the matter. [12639/15]

Michael Noonan (Limerick City, Fine Gael)
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In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland, as regulator, interfere in the pricing or provision of insurance products. The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are accepting and adequate provisioning to meet these risks. These are considered on a case by case basis.  

Article 25 of S.I.  No. 359/1994  European Communities (Non-Life Insurance) Framework Regulations, 1994 expressly prevents the Central Bank from requiring the prior approval of the pricing, or terms and conditions of an insurance product. Consequently, I am not in a position to direct insurance companies to remove limitations on cover arising from certain losses.

Officials from my Department have consulted Insurance Ireland about this matter and they have informed us that this type of cover is provided for in a specialised market and arranged on an  individual basis.  They have also added that this issue is not one on which they have received queries previously.  Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance.  Their service can be contacted at (01) 6761914 or by e-mail at .