Brendan Griffin (Kerry, Fine Gael)
Link to this: Individually | In context | Oireachtas source

137. To ask the Minister for Finance if he will address the issue of persons visiting Ireland with Australian and international drivers' licences being unable to acquire affordable motor insurance cover on their own privately owned vehicles with motor insurance companies and the Insurance Federation; if this is preventing persons from returning and spending part of the year in Ireland with the subsequent economic spin-off; if insurance companies are prohibited from extending such affordable cover; and if he will make a statement on the matter. [14098/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  

Insurance companies are not prohibited from extending insurance cover in cases where motorists have an Australian or International Driver's Licence.  However, 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 willing to accept and adequate provisioning to meet those risks.  These are considered by insurance companies on a case by case basis. 

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 has further stated that if the individual can produce confirmation that they were continually insured and are claims free in their own name while they were away, this would be taken into consideration when re-applying for insurance.

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.

My Department is conducting an overall review of policy in the insurance sector in consultation with the Central Bank and other Departments, Agencies and external stakeholders.  The objective of the Review is to recommend measures to improve the functioning and regulation of the insurance sector.