Paschal Donohoe (Dublin Central, 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 position 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 direct insurance companies as to the pricing level that they should apply to particular categories of individuals such as returning emigrants.  

Notwithstanding the above, I am aware of the problems that high motor insurance costs is causing returning emigrants and in this regard the Deputy should note that the issue was considered by the Cost of Insurance Working Group which published its motor insurance report in January 2017. 

Recommendation 6 of the Report, in particular, aims to address the problems faced by returning emigrants regarding the recognition of no claims bonuses through the introduction of a standard protocol for insurance providers, to ensure a greater consistency of treatment for returning emigrants.  This is required to be in place by the end of 2017.

Also, the Deputy should be aware that by the end of Q2 2017, insurers are being asked to implement procedures when pricing a policy to enable the acceptance of driver experience from abroad when a person has previous driving experience in Ireland and is coming from a country that drives on the left side of road. By the end of Q4 2017, insurers are being asked to implement a similar procedure in relation to experience gained in a country that drives on the right hand side of the road.  Insurance Ireland will submit a report to my Department on the implementation of these procedures in Q2 and Q4 2017.