Sinn Féin Finance spokesperson Pearse Doherty TD has described today’s new regulations for the insurance market by the Central Bank as a long wait for very little.
Deputy Doherty called on parties to support his Consumer Insurance Contracts Bill which will be coming before the Dáil in the coming weeks. It would strengthen consumer protections, increase transparency from the industry and go much further than today’s reforms.
The Donegal TD said:
“While I welcome the fact that some reform of the insurance market has taken place, it is worrying for consumers and businesses that it has taken 3 years to push through what are very modest reforms.
“Sinn Féin welcomes the fact that motor insurance customers will be provided the previous year’s premium with their renewal notice, but this doesn’t go far enough. It won’t even apply to public liability of home insurance customers.
“The insurance industry have fought even this modest reform. No time should be wasted indulging them any further.
“Consumers and businesses are being ripped off by an insurance industry that lacks transparency and is quickly losing credibility.
“On November 13th Sinn Féin’s Consumer Insurance Contracts Bill will reach Report Stage in the Dáil, one step closer to becoming law.
“It would require all insurers to provide 3 years of premium and claims history to customers when they receive their renewal notice, going much further than today’s new regulations.
“It would make it harder for insurance companies to cancel contracts with policyholders and would ensure that when they do, they would pay out the remaining balance of the customer’s premium.
“This Bill would go further still, strengthening consumer protections and increasing transparency.
“Since 2016, premiums have continued to rise and the industry has become more opposed to reform than ever. Fianna Fáil and Fine Gael have failed to tackle insurance costs.
“Sinn Féin want to take on the industry and end the rip off. Our plan for insurance reform would stamp out fraud, protect consumers, ban price discrimination by the industry and reduce premiums for everyone.
