Drivers will warmly welcome Commission's full investigation into Insurance Ireland - Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has warmly welcomed the EU Commission’s decision to open a full antitrust investigation into Insurance Ireland’s data pooling system.
Teachta Doherty said it would be welcome news for drivers and should be concluded as soon as possible.
He said the government must now treat insurers and their promises in a manner that takes account of the very serious allegations under investigation.
Deputy Doherty said:
“I warmly welcome this decision which comes as no surprise. In 2016 on my initiative the Finance Committee produced a report on the rising cost of motor insurance.
"Its first recommendation was: 'an end to any sort of closed shop mentality prevailing among existing insurers in the market – full access to data must be made available to all new entrants'.
"The news follows two years of scoping investigation including dawn raids. During this period Insurance Ireland have continued to operate as normal and have brazenly opposed sensible attempts to bring greater transparency to insurance.
"That is why Sinn Féin are demanding reform of the insurers too. We are calling for a corresponding commitment to bring down prices as changes to awards are brought in, and support for my Consumer Insurance Contracts Bill with amendments to empower consumers such as by making insurers have to notify them of claims made against them.
"This Bill is out to public consultation until next week. At that point I will work with the Minister to see what amendments are needed to bring the insurance industry to heel and get the legislation, which has unanimous support, passed as soon as possible. I hope all parties will row in behind this effort.
"The Finance Committee recently met the Commission on this issue and I am impressed upon them the frustration felt by drivers and policyholders.
"The government must now treat insurers and their promises in a manner that takes account of the very serious allegations under investigation.”