Written answers

Tuesday, 15 November 2016

Photo of Clare DalyClare Daly (Dublin Fingal, Independent)
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175. To ask the Minister for Finance the steps he proposes to undertake to ensure that properties which are remediated under the Government's pyrite remediation scheme can get home insurance in view of statements by insurance companies that they will not provide cover; and if he will make a statement on the matter. [34441/16]

Photo of Michael NoonanMichael 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. 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 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. 

Consequently, I am not in a position to take steps to require that insurance companies provide insurance cover to properties which are remediated under the government's pyrite remediation scheme.

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