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Any insurers that pay dividends must be “named and shamed”: MacManus

28 May, 2020 - by Chris MacManus MEP

Any insurers that pay dividends must be “named and shamed”: MacManus

Sinn Féin MEP Chris MacManus has said any insurers that are still considering paying dividends this year must be named and shamed. He said strong advice from the EU’s supervisory body not to pay dividends this year must be followed. A parliamentary reply from Minister Paschal Donohue suggest strongly that not all insurers have yet confirmed that they will not pay dividends this year.

MEP MacManus said:

“I am deeply concerned that the Minister could not confirm that all insurers have indicated that they will implement the EIOPA (European Insurance and Occupational Pensions Authority) direction not to pay dividends or their equivalent this year. “

In his reply to my colleague Matt Carthy TD the Minister could only say that “I understand that a number of firms have already announced that they are deferring dividends in this context.  I welcome this and believe others should also follow suit. “This strongly suggests that some insurers are still panning to pay dividends this year. Any insurers who have not yet confirmed they will not be paying dividends should be named and shamed. It’s wholly unacceptable in such an economic climate.”

“Irish insurers have brought much attention on themselves in recent years for inexplicable pricing policies. Any attempt to dodge this EIOPA advice will, quite rightly add to the public perception of the industry as greedy profiteers operating outside the norms of normal business.“ ENDS

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