Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed that his Bill to hold the insurance industry to account moving to the next stage of becoming law.
The Judicial Council (Amendment) Bill this week moved to Committee Stage, a further stage in the bill becoming law.
The Bill would hold the insurance industry to account and put pressure on insurance companies to reduce their prices. Insurance companies will be forced to show how they have or have not passed on reduced claims costs to their customers, and by how much, euro for euro.
Speaking today, the Donegal TD said:
“My legislation, the Judicial Council (Amendment) Bill, will hold the industry to account and put pressure on companies to reduce insurance premiums.
“The Bill will now come before the Committee in the coming weeks, the next stage in the legislation becoming the law.
“The insurance industry continues to rip off motorists and small businesses with high prices.
“Since 2020 the insurance industry has recorded sky-high profits while paying out dividends to their shareholders.
“Despite the cost and number of claims falling since the pandemic, car insurance prices have risen since 2022.
“At the same time, small businesses and voluntary groups are struggling to find affordable insurance as they continue to be hit with rip-off prices.
“For years the insurance industry called for reforms to reduce the cost of claims.
“That is what they got with the introduction of the Personal Injury Guidelines more than three years ago, which slashed the cost of claims for insurance companies.
“It is clear that the insurance industry has pocketed these savings to boost their profits instead of passing these savings onto customers.
“My legislation, the Judicial Council (Amendment) Bill, would force the insurance industry to report to the Central Bank detailing how it has or hasn’t passed on these savings to customers – euro for euro.
“This would hold the industry to account and apply downward pressure on prices.
“There are no more excuses for the insurance industry.
“In the coming weeks, my legislation will come before the Finance Committee – the next stage in the bill becoming law.
“Time is up for the insurance industry and I am determined to make this legislation law.”
