Insurance industry must respond to new Personal Injuries Guidelines with immediate reduction in premiums - Pearse Doherty TD
Sinn Féin spokesperson on Finance Pearse Doherty has called on the Government to support his legislation that would require the insurance industry to report how it has passed on the impact of the new Personal Injuries Guidelines to consumers in the form of lower premiums.
The Donegal TD was speaking after the new guidelines, which will see the cost of claims cut significantly for insurers, came into effect on Saturday.
Speaking today, Teachta Doherty said:
“On Saturday the new Personal Injuries Guidelines came into effect.
“These will see a significant reduction in the cost of claims for insurance companies, by as much as 60 percent.
“The insurance industry must respond to these new guidelines with an immediate reduction in the premiums charged to consumers.
“At present, the Government has no way of monitoring or pressuring the insurance industry to pass these savings onto consumers.
“Last week (April 21st), I introduced the Judicial Council (Amendment) Bill, which would require the industry to report how it has, or has not, passed these savings onto consumers to the Central Bank for each of the next four years.
“These reports would then be brought before the Dáil each year. This would allow the Dáil to hold the industry to account.
“The purpose of the new Personal Injuries Guidelines was ultimately to reduce the cost of insurance, not to bolster the profit margins of insurance companies.
“My legislation would allow us monitor the effects of the new guidelines and ensure they are serving their purpose.”
You can find the Judicial Council (Amendment) Bill 2021 here.