Insurance Ireland’s opposition to new database must be dropped as EU looks at exclusion issue - Pearse Doherty TD
Sinn Féin Finance Spokesperson Pearse Doherty TD has said the news that the EU investigation into anti-competitive practices in the insurance industry is focusing in on the exclusion of new entrants will come as no surprise to drivers and others who have dealt with the industry.
The Sinn Féin Dáil deputy leader has called on Insurance Ireland to drop its frivolous opposition to the new Claims Database which he said now looks like a “sick joke”.
Deputy Doherty said:
“The report this morning that Insurance Ireland is under investigation for excluding new entrants from accessing data on an equal footing will come as no surprise to me or anybody else who has dealt with the body.
"Insurance Ireland have denied any wrongdoing and I am sure the record of their replies to me and colleagues on this issue will be important in the investigation.
"The opposition of Insurance Ireland and their delaying tactics on the new Claims Database are a cynical attempt to resist change. They should now drop their very weak objections and accept that change is coming whether they like it or not. Ironically they claim that the new system could create additional barriers to entry to the market. That seems like a sick joke in light of today’s reports.
"It also points to the need for my legislation to impose jail sentences on insurers who lie to the Central Bank. It was misleading information from insurers put the need for this new law into the political sphere. I am determined to follow through and put in place real punishments for the bankers and insurers who have lied to the regulator.
"I have received this week an ECB opinion on the legislation which says it complements existing law meaning there are no excuses in the way for government to block the Bill. Today’s news shows why my Bill is needed and I hope that it will be put into law soon.”