Niall Collins (Limerick County, Fianna Fail)
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131. To ask the Minister for Finance his views on whether there are adequate insurer providers for haulage vehicles and trucks; his further views on insurers refusing to provide cover to haulage companies; the steps he is taking to address this; and if he will make a statement on the matter. [34324/16]

Michael Noonan (Limerick City, Fine Gael)
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At the outset, it should be noted that in my role as Minister for Finance I am responsible for the development of the legal framework governing financial regulation. However, neither I nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies themselves based on an assessment of the risks they are willing to accept. 

This inability to intervene in such matters is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products.

However, I do accept that it  is possible for the State to play a role in helping to stabilise what is a volatile market. Consequently, I established the Cost of Insurance Working Group and appointed Minister of State Eoghan Murphy as Chair. This group is examining factors that are contributing to the cost and availability of motor insurance and identifying what short-term, medium-term and long-term measures can be introduced to help consumers and businesses. A broad range of issues affecting the cost and availability of motor insurance are being examined by the Working Group, including the specific difficulties being faced by the haulage sector.

As part of its consultation process, the Working Group has met with representatives of the Irish Road Haulage Association and the Freight Transport Association of Ireland and submissions have been received from them.  The concerns and issues raised by these representative bodies are being considered by the Working Group.

At the end of October 2016, the Working Group provided me with an initial set of emerging recommendations. Since then, the Working Group has been working to finalise the Report and developing an action plan to enable the relevant Government Departments and Offices to commence the implementation of agreed priority actions. The report and action plan will detail any legislative or regulatory changes that may be required and will include a detailed timeline for implementation.