Joan Burton (Dublin West, Labour)
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33. To ask the Minister for Finance if he and the Minister for Transport, Tourism and Sport have received initial recommendations following a review of rising motor insurance compensation; if he will provide a full update on the review of policy in the insurance sector which his Department is currently undertaking in consultation with the Central Bank; the reforms he is considering to tackle the problem of motor insurance premiums, which are rising at an annual rate of as much as 35%; if he will urgently update the book of quantum; and if he will make a statement on the matter. [17520/16]

Michael Noonan (Limerick City, Fine Gael)
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I have established a task force in my Department to undertake a Review of Policy in the Insurance Sector.

The first phase of the work of the task force is a Review of the Framework for Motor Insurance Compensation.  This is being carried out jointly with the Department of Transport, Tourism and Sport.  This review also deals with broader issues around the Insurance Compensation Fund.  My colleague the Minister for Transport, Tourism and Sport and I expect to receive this first Report shortly.

Separately, the broader work of the task force includes an examination of the factors underlying the recent increases in the cost of motor insurance but also including other aspects of insurance policy such as the availability of insurance at reasonable cost to particular businesses and sectors of the community which are reported to be having problems in this regard.  This work is being undertaken in consultation with the Central Bank of Ireland, other Government Departments, Agencies and interested bodies.  The aim of the review is to to recommend measures to improve the functioning and regulation of the insurance sector in Ireland, identifying the issues that can be addressed on a more immediate basis and those that need more long-term policy implementation. This work will be completed over the coming months.

With regard to the Book of Quantum, I welcome the review currently being undertaken by the Personal Injuries Assessment Board, under the aegis of the Department of Jobs, Enterprise and Innovation.  I am informed that that Review is expected to be completed soon.