Cormac Devlin (Dún Laoghaire, Fianna Fail)
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186. To ask the Minister for Finance the number of meetings the Cabinet Committee on Economic Recovery and Investment sub-group on insurance reform has held since July 2020; the dates of same; and if he will make a statement on the matter. [27671/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Government has prioritised the reform of the insurance sector in order to improve the cost and availability of this key financial service, including for businesses. The Action Plan for Insurance Reformsets out 66 actions in this regard across several policy areas, including my Department, with 95% due to be completed by the end of 2021. The Sub-Group of the Cabinet Committee on Economic Recovery and Investment, which is implementing this Action Plan, was established by Government to oversee insurance reform implementation. This Sub-Group is chaired by the Tánaiste and Minister for Enterprise, Trade and Employment, and currently includes as standing members: the Ministers for: Public Expenditure and Reform; Justice; Children, Equality, Disability, Integration and Youth; and myself; together with the Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, and his counterpart at the Department of Enterprise, Trade and Employment with special responsibility for Trade Promotion. I strongly believe this cross-departmental approach provides the best opportunity to address the cost and availability of insurance and will build and expand upon previous commendable work done by the Cost of Insurance Working Group. The Sub-Group has held three meetings to date, on the following dates:

- 30 September 2020

- 25 November 2020

- 24 March 2021

The next meeting is scheduled for the end of June, with the first Action PlanImplementation Report, covering H1 2021, due to be published in July.

At its most recent meeting in March, the Cabinet Sub-Group on Insurance Reform, which oversees the implementation of the Action Plan, reflected upon the considerable progress made in the first three months of this year. Achievements include:

- The creation of an Office to Promote Competition in the Insurance Market within the Department of Finance;

- The adoption of new Personal Injuries Guidelines, which came into force on 24 April;

- A recent public consultation on proposals to reform the Personal Injuries Assessment Board.

Upcoming priorities include: strengthening the laws on perjury, expanding the National Claims Information Database so that it publishes its first report on employer and public liability insurance, and examining the Central Bank’s final report on differential pricing so that the Government can respond accordingly.

I can assure the Deputy that we will continue to engage extensively on this matter and monitor developments in the sector as the Government drives forward the insurance reform agenda. Minister of State Fleming and I look forward to continue working with colleagues and stakeholders to implement further aspects of the Action Plan, with a view to improve both the cost and availability of insurance for all consumers, businesses and community groups.