David Cullinane (Waterford, Sinn Fein)
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106. To ask the Minister for Finance if his attention has been drawn to the practice by some insurance companies to charge up to a 20% premium to cardiac first responders; and if he will make a statement on the matter. [38352/16]

Michael Noonan (Limerick City, Fine Gael)
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I am disappointed to hear that some insurance companies are applying an additional charge to cardiac first responders as it seems inappropriate that people carrying out such a valuable community function should be so treated.

However, neither I nor the Central Bank can directly influence insurance pricing 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 posiyion 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.  It should be noted that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. 

However, I have established the Cost of Insurance Working Group and appointed Minister of State Eoghan Murphy as Chair. The initial focus of the Working Group is on the review of 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 issue of transparency of pricing in the insurance industry.

The Working Group provided me with an initial set of emerging recommendations at the end of October 2016 which have been published on the Department of Finance website and are available at .Since then, the Working Group has been working to finalise their Report and to develop 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.