Sinn Féin Finance spokesperson Pearse Doherty TD has described draft insurance legislation published by Minister Donohoe and Minister Fleming as an embarrassment.
Speaking today, Teachta Doherty said:
“Today Minister Donohoe and Minister Fleming received agreement from Cabinet to commence drafting insurance legislation that will reduce insurance costs for customers by precisely zero cents.
“The provisions detailed in the General Scheme are an embarrassment.
“Minister Fleming claims with a straight face that the Bill will protect motorists and homeowners from dual pricing. This is nonsense.
“The Government has done nothing to ban the loyalty penalty.
“The truth is that the Central Bank will end a form of dual pricing after a complaint was issued by Sinn Féin in October 2019 and a subsequent meeting was held with the Governor of the Central Bank.
“This led to a Central Bank investigation into the practice and proposals to restrict it that will take effect from July of next year.
“All this legislation will do is ask the Central Bank to write a report at some time in 2023 – 18 months after the Bill becomes law.
“Since February the government have shamelessly blocked by legislation to ban dual pricing and reduce insurance costs for consumers.
“Separately, earlier this year Minister Fleming said that insurance companies would not be let off the hook for reducing business interruption compensation by the amount of state support received by businesses.
“All this legislation will do is collect data on the deduction of State supports paid to businesses from final claim settlements. Again, this will not bring about any financial benefits to businesses.
“If the Ministers can be accused of anything it is false advertising.
“Their time would be better spent by ending their opposition to key pieces of insurance reform legislation introduced by Sinn Féin.
“The Government continue to block my Judicial Council (Amendment) Bill that would require insurers to disclose if and how much of the savings brought about by the personal injuries guidelines have been passed onto consumers.
“The Government should focus on real reforms that will reduce insurance costs, such as legislation to rebalance the duty of care.
“It is time for more action and less play acting from Minister Fleming.”