Matt Carthy (Cavan-Monaghan, Sinn Fein)
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95. To ask the Minister for Finance the period for which a quotation from an insurance company should stand prior to being withdrawn; and if he will make a statement on the matter. [9192/20]

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. The issue of the validity of an insurance quotation is one that comes under the consumer protection code and therefore the remit of the Central Bank. However, in order to be as helpful to the Deputy as possible, my officials sought information from the Central Bank  on this matter.

In response, the Central bank indicated that its Consumer Protection Code (the “Code”) requires certain information to be included in an insurance quotation. Assuming that all details provided by the consumer are correct and do not change, the quotation must include the monetary amount of the quotation, the length of time for which the quotation is valid and the full legal name of the relevant underwriter. The Code does not refer to how long an insurance quotation should be valid for, only that the regulated entity must provide this information in the quote provided.

There are certain types of insurance like car and home insurance that have to be renewed each year. Under the Non-Life Insurance (Provision of Information) Regulations 2007, general insurance companies must send out a renewal notice at least 20 days before the renewal date to allow consumers to shop around for the best policy.

It should be noted that Central Bank has no remit over the pricing of insurance policies or over the makeup and content of products. These are commercial decisions for the various insurers themselves.

In addition, on their website, the Competition and Consumer Protection Commission recommends that consumers ask insurers how long their quotes are valid for when shopping around for insurance.