Insurance Industry Regulation
Dail Éireann — 2021-03-31
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Pearse Doherty (SF), Donegal

I wish the Minister would join me in calling for these premiums to be reduced right now. There is no reason premiums are being charged at yesterday's or last month's rates when awards were 60% higher.
Does the Minister know what AIG, AXA, Allianz, Zurich and a number of other companies have in common? They are the largest six companies in Ireland and they are also the largest six companies in Britain. Does the Minister know what the difference is? When Britain reduced the awards for whiplash, they introduced legislation in 2018 which made the companies prove to their central bank, the Financial Conduct Authority, that every cent was passed on to consumers. Last week in this Chamber I attempted to do the same thing. Will the Minister explain why the six largest companies in Ireland have to provide that information to the central bank in Britain for the reduced awards that took effect in 2018 there, but he believes they do not have to provide the same information to the Central Bank here? The Minister says he will rely on Central Bank information but it does not have a key piece of information which I tried to legislate for last week but the Minister's party and Fianna Fáil opposed it.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2021-03-31/debate/main
Retrieved: 2026-08-14T04:49:10+00:00
Sitting date: 2021-03-31