Insurance Industry
Dail Éireann — 2026-05-26
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Robert Troy (FF), Longford-Westmeath

The motor insurance transparency code was launched as a priority measure under the Government action plan for insurance reform from 2025 to 2029 to enhance transparency, clarity and consumer understanding in the motor insurance market. The code was developed by a working group comprising insurers and intermediaries with the support of the Department of Finance and the Central Bank.
The code is designed to complement, rather than duplicate, existing regulatory requirements. It sits under the legislative umbrella of the Central Bank of Ireland's consumer protection code, CPC, and aligns with relevant disclosure requirements and requirements to inform customers effectively. The revised CPC came into effect on 24 March this year and is legally binding on insurance companies and intermediaries. The Central Bank's administrative sanctions procedure will be applicable in respect of non-compliance with the revised CPC.
The voluntary nature of the code allows for an appropriate balance between transparency and the protection of commercially sensitive information. The code has been carefully designed to provide meaningful insight to consumers into how premiums are calculated, while ensuring that firms are not required to disclose information that could undermine competition or market functioning. While the code is not subject to the administrative sanctions procedure, there remains a clear framework for oversight and monitoring. The Central Bank will provide a report to the Minister for Finance in advance of the first review of the code, which will take place within 18 months of implementation. This report will be on the Central Bank's observations on firms' adherence to the code and the effect the code is having in achieving its objectives. If it fails to achieve the objectives, we are, of course, open to putting it on a legislative footing.

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Source: Houses of the Oireachtas. Licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). The Official Report is revised after first publication; the fetch timestamp below identifies the version quoted.

Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-05-26/debate/main
Retrieved: 2026-09-14T01:01:04+00:00
Sitting date: 2026-05-26