Jackie Cahill (Tipperary, Fianna Fail)
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122. To ask the Minister for Finance the status of the measures his Department is taking under the action plan on insurance reform; and if he will make a statement on the matter. [31762/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Cabinet Committee Sub-Group on Insurance Reform oversees implementation of the Action Plan for Insurance Reform. This sets out 66 actions across several departmental policy areas, including that of the Department of Finance, to improve the insurance environment for consumers, businesses and community groups. This cross-Governmental reform agenda has been adopted in recognition of the need for a comprehensive and structured approach in order to deliver real reform in this important area.

Implementation of the Action Plan is well underway, and the first biannual update report is due to be published this summer. Key achievements since the launch of the Action Plan include:

Creating a newOffice to Promote Competition in the Insurance Market, chaired by Minister of State Fleming;

Expanding the National Claims Information Database (NCID)to gather data on employer and public liability insurance;

Enacting the majority of provisions under the Consumer Insurance Contracts Act 2019(with the remainder to take effect from September 2021); and

Publishing the Oireachtas Post-Enactment Scrutiny Reportin relation to this Act.

Work is continuing at pace to progress other key responsibilities, such as preparing for the publication of the first National Claims Information Database (NCID) report on employer and public liability insurance, which is expected in the coming weeks. There is ongoing consideration of proposals to regulate claims harvesters, and options to establish an insurance databank for new market entrants. Of particular importance is the work that is already underway to consider how best to tackle the issue of differential pricing, which will include responding to the Central Bank’s final Review of Differential Pricing in the Motor and Home Insurance Marketwhen it is published in the coming months.

As the Deputy will be aware, Minister of State Fleming has undertaken an extensive programme of stakeholder engagement, including meeting individually with the main insurers to discuss the impact of the Personal Injuries Guidelines. Minister of State Fleming and I will remain proactive both in engaging with stakeholders, and working with colleagues across Government, to continue driving forward this whole-of-Government reform agenda, which I believe provides the best opportunity to improve both the cost and availability of insurance for consumers, businesses and community groups.