Thursday, 17 December 2020
Department of Enterprise, Trade and Employment
The Government’s Action Plan for Insurance Reform, which the Tánaiste launched on 8 December, sets out 66 measures to bring down costs for consumers and business, introduce more competition into the market, prevent fraud and reduce the burden on business, community and voluntary organisations in our country.
The principal action set out in the Plan include:
- Replacing the Book of Quantum with new guidelines on the appropriate level of awards
- Enhancing the role of the Personal Injuries Assessment Board
- Examining changes to the law relating to occupiers’ liability to strengthen it for businesses, sporting clubs and community groups
- Exploring the possibility of capping award levels by legislative means
- Proposing reforms on how insurance fraud data is published
- Placing perjury on a statutory footing to make it a significant deterrent to people who might provide false evidence
- Further strengthening transparency through the expansion of the National Claims Information Database
- Examining dual pricing
- Strengthening the enforcement powers of the Competition and Consumer Protection Commission (CCPC)
- Establishing an office within government to encourage greater competition in the insurance market
Reform of the insurance sector requires a whole of Government response. Over the next eighteen months, the measures set out in the Plan will be delivered by the Departments of Finance and Justice as well as my own Department. Implementation of the Action Plan will be overseen by the Cabinet Committee on Economic Recovery and Investment’s Sub-Group on Insurance Reform. We will meet regularly, engage with stakeholders and publish progress of actions every six months.
The Government wants a competitive, stable and consumer-friendly insurance environment. The full implementation of the Action Plan for Insurance Reform will help to ensure that we have an insurance system which is both affordable and reliable and underpins a vibrant economy.