Written answers
Thursday, 26 May 2016
Department of Finance
Motor Insurance
Michael Healy-Rae (Kerry, Independent)
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74. To ask the Minister for Finance his views on a matter (details supplied) regarding levies added to car insurance; and if he will make a statement on the matter. [12319/16]
Michael Noonan (Limerick City, Fine Gael)
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As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. 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 and neither I, nor the Central Bank of Ireland, have the power to direct insurance companies on the pricing or the provision of insurance products.
Insurance companies consider a number of risks when determining the premium for a proposed insurance policy and premium will take account of the actuarial calculation of risk. Insurance Ireland has informed me that motor insurers, in making decisions on whether to offer cover and what terms to apply, use a combination of rating factors such as the age of the driver, the type of car, claims record, driving experience, number of drivers, how the car is used, etc. Insurers do not all use the same combination of rating factors, prices vary across the market, and consumers are free to choose.
Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. In the event that a person is unable to obtain a quotation for motor insurance or feels that the premium proposed or the terms are so excessive that it amounts to a refusal to give them motor insurance, they should contact Insurance Ireland, 5 Harbourmaster Place, IFSC, Dublin 1, Telephone +353 1 6761820 quoting the Declined Cases Agreement.
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