Written answers

Tuesday, 22 February 2022

Department of Finance

Insurance Industry

Photo of Cathal CroweCathal Crowe (Clare, Fianna Fail)
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78. To ask the Minister for Finance the number of meetings, discussions and telephone calls that he, the Minister of State, special advisers and officials in his Department have had with a company (details supplied) since June 2021; and if he will make a statement on the matter. [9480/22]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As part of his role as Chair of the Office to Promote Competition in the Insurance Market, Minister of State Fleming has had a wide-ranging series of engagements with stakeholders across the insurance industry, including providers, state bodies and representative groups. The Office has had more than 60 meetings since its establishment.

As part of this work, in late 2021 Minister Fleming met with the CEOs of the major insurance companies in Ireland, including the one identified by the Deputy. A number of issues were discussed with the firm, including the implementation of the new Personal Injury Guidelines; business interruption insurance developments; and an expansion of its risk appetite to other areas. In addition, officials and Minister Fleming’s advisor directly contacted the company in question in relation to the logistics involved in setting up this meeting.

Photo of Ruairi Ó MurchúRuairi Ó Murchú (Louth, Sinn Fein)
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81. To ask the Minister for Finance the status of progress made under the Action Plan for Insurance Reform; and if he will make a statement on the matter. [9474/22]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Cabinet Committee Sub-Group on Insurance Reform, which oversees the Action Plan for Insurance Reform, met earlier this month to assess the work completed during 2021, and to look ahead to the priorities for 2022. It is anticipated that the second Implementation Report will be brought to Government by An Tánaiste very shortly and published thereafter. That report will show that the majority of the 66 reforms being delivered under this agenda are now complete, including many principal actions. Key reforms to date include:

- the publication of the General Scheme of a Bill to enhance and reform the Personal Injuries Assessment Board(PIAB);

- the launch of a databank for new entrants by the Central Bank of Ireland;

- the establishment of the Insurance Fraud Co-ordination Officewithin the Garda National Economic Crime Bureau;

- the publication of the Final Report of the Central Bank’s Review of Differential Pricing in the Motor and Home Insurance Markets;

- the expansion of the National Claims Information Databaseto gather data on employers’ and public liability insurance, and the publication of the first report on same;

- the publication of the Central Bank’s third National Claims Information Databasereport on private motor insurance;

- the enactment of the Criminal Justice (Perjury and Related Offences) Act 2021;

- the implementation of the Personal Injuries Guidelines;

- the creation of the Office to Promote Competition in the Insurance Market;and

- the introduction of new regulations on solicitors advertising

In addition, my officials are continuing to advance the Insurance (Miscellaneous Provision) Bill, to address a number of separate, but related issues that complement the Action Plan. This is expected to be published in the coming weeks, and we will seeking to have it prioritised for passage through the Oireachtas.

The focus of the Sub-Group now is on implementing the outstanding reforms as soon as possible, with particular regard to:

- reforming the law on occupier’s liability to rebalance the duty of care;

- enhancing the enforcement powers of the Competition and Consumer Protection Commission through the Competition Amendment Bill; and

- reforming the PIAB, with a view to increasing the number of cases settled by the Board

Overall, it is felt that the range of measures being pursued under the Action Plan will lead to an improvement in the insurance market. Throughout 2022, both Minister of State Fleming and I will continue our widespread engagement with industry and other stakeholders to ensure that the benefits of these reforms are being passed on and are felt, first and foremost, by policyholders.

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