Sinn Féin spokesperson on Finance, Pearse Doherty TD has welcomed the commencement of legislation that aims to rebalance the duty of care and reduce insurance costs.
The Donegal TD called on the insurance industry to respond to this reform by reducing insurance costs for consumers and businesses.
Speaking today, Teachta Doherty said:
“Rebalancing the duty of care is crucial to ensure businesses and voluntary groups can access insurance at affordable prices.
“The commencement of legislation to rebalance the duty of care is an important step.
“The Government’s Action Plan for Insurance Reform committed to making proposals to Cabinet to rebalance the duty of care by June 2021.
“That deadline was repeatedly missed.
“The commencement of this legislation, while long overdue, is welcome.
“It is crucial that the aims of the legislation are given effect.
“There is now a responsibility on those who will be required to implement the legislation, but also on the insurance industry to do the right thing and slash insurance costs.
“Over the past number of years there has been a significant drop in personal injury awards.
“These reforms to the duty of care will also reduce personal injury costs for insurance companies.
“Consumers and small businesses must benefit from these reforms, not insurers and their profits margins.
“The insurance industry must now respond by reducing insurance costs without delay.”