Sinn Féin TD for Dublin Bay North Denise Mitchell has called for cross-party support for a Sinn Féin bill that would force insurance companies to pass savings on to their customers, which was be debated in the Dáil last night.
The legislation, drafted by Sinn Féin spokesperson on Finance Pearse Doherty TD, would require the insurance industry to provide information to the Central Bank outlining how the cost of claims have reduced as a result of the new Personal Injuries Guidelines, and how they have passed those savings onto their customers, euro for euro, for each of the next four years.
Teachta Mitchell said:
“We must end the insurance rip-off and reduce premiums for consumers.
“The Personal Injuries Guidelines, which have been in place for over a month now, significantly reduced the cost of claims for insurance companies.
“But we must ensure these savings are passed on, euro for euro, to customers in the form of lower premiums.
“The insurance industry are not keeping their promise and consumers cannot afford to wait any longer.
“The government’s policy is to cross their fingers and hope the insurance industry will do the right thing and reduce premiums.
“Pearse Doherty’s Judicial Council (Amendment) Billwould require the insurance industry to provide information to the Central Bank for each of the next four years outlining how the cost of claims have fallen as a result of the new Personal Injuries Guidelines, and if and how they have passed these savings onto their consumers in the form of reduced prices.
“They should be subject to no less scrutiny here. That is why all parties should support Pearse Doherty’s legislation in the interests of consumers.”