May 21, 2024
Secrecy around Insurance commitments “not good enough”: Chris MacManus MEP

Secrecy around Insurance commitments “not good enough”: Chris MacManus MEP

Sinn Féin Midlands Northwest MEP Chris MacManus has said a reply he has received from the European Commission stating that reports on the implementation of commitments made by Irish insurers will be kept secret is “not good enough” and that full transparency is required. 

MacManus said:

“I was shocked to learn that the Commission will not publish the reports by the Monitoring Trustee reporting ion the commitments made by Irish insurers. These reports are supposed to make sure that Irish insurers are implementing what they said they would do to increase competition in the motor insurance market after they cut a deal with the EU Commission’s anti-competition office. To hear now that the Commission will not publish the reports will damage the faith in the process for ordinary consumers.”

As insurers warn about rises coming down the tracks again it is clear that only sustained political pressure and transparency will force them to act reasonably.

As MEP I have raised this issue directly with the Commission on a number of occasions. Most recently I submitted a complaint about the failure of insurers to reduce public lability premiums following legal changes to cap awards. The softy-softy approach from the Fianna Fáil/Fine Gael government has failed utterly. Pressure from Brussels has moved them once and is needed again. As an MEP I will continue to be the voice of Irish motorists and businesses seeking a fair and a transparent insurance market.” ENDS

Notes to Editor

REPLY from EU Commission:

EN

E-000942/2024

Answer given by Executive Vice-President Vestager

on behalf of the European Commission

(8.5.2024)

Following the adoption of a Commission decision pursuant to Article 9 of Regulation 1/2003[1] and the commitments made binding upon Insurance Ireland, a Monitoring Trustee was appointed on 29 July 2022 and for a duration of 10 years. To date, the Monitoring Trustee has provided three reports on the compliance with the commitments. The Monitoring Trustee reports contain confidential information, and therefore cannot be published. The Commission with the assistance of the Monitoring Trustee will continue to monitor closely the implementation of the commitments.

[1] Council Regulation (EC) No 1/2003 of 16 December 2002 on the implementation of the rules on competition laid down in Articles 81 and 82 of the Treaty, OJ L 1, 4.1.2003, p. 1–25.


 

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