238. Deputy Michael McGrath asked the Minister for Finance the reason the Central Bank decided to discontinue the blue book for the insurance industry; if the Central Bank will reinstate it; the document or programme which has taken the place of the blue book; and if he will make a statement on the matter. (Question 15423/18 asked on 17 Apr 2018 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): At the outset, the Deputy should note that the decision to discontinue the production of the Blue Book is an operational matter for the Central Bank of Ireland, and I in my role as Minister for Finance have no influence over it.  
Notwithstanding this, my officials have had some engagement with the Central Bank on this matter. In response, the Bank has indicated that, the tables in the annual Insurance Statistics publication, known as the ‘Blue Book...

268. Deputy Charlie McConalogue asked the Minister for Finance the actions he is taking to address the situation whereby some insurance companies are refusing to insure vehicles over ten years old with a valid NCT certificate or charging high premiums in cases in which insurance is being provided; and if he will make a statement on the matter. (Question 16287/18 asked on 17 Apr 2018 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): I am aware of the concerns raised by the Deputy.  However as Minister for Finance, my role is limited to the development of the legal framework governing financial regulation.  What this means is that neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to ...

83. Deputy Michael McGrath asked the Minister for Finance the details of the liquidation of a company (details supplied); the mechanism by which persons will receive 100% of their claims; the timeframe involved in reaching a conclusion of this case; and if he will make a statement on the matter. (Question 12357/18 asked on 20 Mar 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): Setanta was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.
The Deputy will be aware that under the Insurance Act 1964, as amended, monies may be paid out of the Insurance Compensation Fund (ICF), with the approval of the High Court, in relation to an insolvent insurer, to meet claims up to a limit of 65% or €825,000...

161. Deputy Michael McGrath asked the Minister for Finance the status for insurance brokers that refunded persons as a result of the liquidation of a company (details supplied); the position these brokers have in relation to claims on the proceeds of the liquidation; the process these brokers should take; and if he will make a statement on the matter. (Question 9382/18 asked on 27 Feb 2018 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.
My officials have been advised by the Liquidator that a portion of any refunds due to policyholders may be met from the proceeds of the distribution of Setanta’s assets on completion of the liquidation process. The Liquidator has also indicated that...

103. Deputy Hildegarde Naughton asked the Minister for Finance when forms A and B ceased to be a valid registration form for IIA firms authorised to undertake insurance mediation before the commencement of the European Communities Regulations 2005; and if he will make a statement on the matter. (Question 7920/18 asked on 15 Feb 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 103 to 106, inclusive, together.
I am advised by the Central Bank of Ireland (the Bank) that on 15 February 2007, it issued correspondence to firms authorised under the Investment Intermediaries Act, 1995 (as amended) (IIA) advising them of their requirement to register under the European Communities (Insurance Mediation) Regulations 2005 (IMR). This registration process involved the completion and submission of an ...

104. Deputy Hildegarde Naughton asked the Minister for Finance when form A and B ceased to be valid registration forms; and if he will make a statement on the matter. (Question 7921/18 asked on 15 Feb 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 103 to 106, inclusive, together.
I am advised by the Central Bank of Ireland (the Bank) that on 15 February 2007, it issued correspondence to firms authorised under the Investment Intermediaries Act, 1995 (as amended) (IIA) advising them of their requirement to register under the European Communities (Insurance Mediation) Regulations 2005 (IMR). This registration process involved the completion and submission of an ...

105. Deputy Hildegarde Naughton asked the Minister for Finance the number of IIA firms authorised to undertake insurance mediation before the commencement of the IMD regulations; and the firms currently registered and those that were registered with forms A and B. (Question 7922/18 asked on 15 Feb 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 103 to 106, inclusive, together.
I am advised by the Central Bank of Ireland (the Bank) that on 15 February 2007, it issued correspondence to firms authorised under the Investment Intermediaries Act, 1995 (as amended) (IIA) advising them of their requirement to register under the European Communities (Insurance Mediation) Regulations 2005 (IMR). This registration process involved the completion and submission of an ...

106. Deputy Hildegarde Naughton asked the Minister for Finance the number of IIA firms authorised to undertake insurance mediation before the commencement of the IMD regulations that are currently registered and were registered under the current registration process; and if he will make a statement on the matter. (Question 7923/18 asked on 15 Feb 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 103 to 106, inclusive, together.
I am advised by the Central Bank of Ireland (the Bank) that on 15 February 2007, it issued correspondence to firms authorised under the Investment Intermediaries Act, 1995 (as amended) (IIA) advising them of their requirement to register under the European Communities (Insurance Mediation) Regulations 2005 (IMR). This registration process involved the completion and submission of an ...

92. Deputy Thomas P. Broughan asked the Minister for Finance the measures he is introducing for returning emigrants to access competitive car insurance by having their driving history abroad considered; and if he will make a statement on the matter. (Question 6238/18 asked on 07 Feb 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I wish to inform the Deputy that Recommendation 6 of the Report on the Cost of Motor Insurance aims to address the specific problems faced by returning emigrants in relation to motor insurance. Pursuant to this recommendation, a protocol has been agreed between the Department and Insurance Ireland under which insurance companies have committed to accepting the driving experience of returning emigrants gained while abroad, when the driver has previo...

202. Deputy Michael McGrath asked the Minister for Finance the rules governing the practice of certain insurance firms automatically renewing a home insurance policy and taking payment from a person’s bank account in the absence of receiving communication from the customer; if he plans to renew the policy; and if he will make a statement on the matter. (Question 55010/17 asked on 16 Jan 2018 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  I have no role in day to day supervision of the insurance industry, as this is the responsibility of the Central Bank of Ireland. 
Consequently, I submitted this question to the Central Bank of Ireland for its observations. It has informed me that all regulated entities, including insurance undertakings and insurance intermediaries,...

3. Deputy Michael McGrath asked the Minister for Finance the status of a company (details supplied); his plans to publish the actuarial report on the liquidation of the company; when he expects to receive legal advice from the Attorney General; if he has consulted with the industry on the way in which to deal with the residual claims outstanding following the liquidation; and if he will make a statement on the matter. (Question 51248/17 asked on 30 Nov 2017 - Insurance Industry)

Deputy Michael McGrath: This question relates to Setanta Insurance and the fallout from the collapse of that company in April 2014. This matter has developed into a nightmare for many of the policyholders concerned. I have discussed it with the Minister of State, Deputy D’Arcy, on a number of occasions. The current state of play is that many Setanta policyholders are being told, legally, that they are potentially on the line themselves. They are potentially exposed by way of judgments agains...

89. Deputy Joan Burton asked the Minister for Finance his plans to review household insurance policies in view of the losses suffered by businesses and households as a consequence of Storm Ophelia; and if he will make a statement on the matter. (Question 44792/17 asked on 24 Oct 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, however I cannot interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from...

131. Deputy Charlie McConalogue asked the Minister for Finance the reason the Government has not agreed to cover 100% of compensation claims against persons (details supplied); if this means former customers are now potentially liable for partial costs of claims; if he will reconsider his approach on this issue; and if he will make a statement on the matter. (Question 43664/17 asked on 17 Oct 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.
As you are aware, the Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor in...

94. Deputy Fiona O’Loughlin asked the Minister for Finance the steps he will take to address alleged cartel like activity in the insurance industry; and if he will make a statement on the matter. (Question 42077/17 asked on 04 Oct 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): The Competition and Consumer Protection Commission (CCPC) is the statutory independent body responsible for the enforcement of domestic and EU competition law in the State.  Section 9(5) of the Competition and Consumer Protection Act 2014 provides that the CCPC is independent in the performance of its functions, including carrying out investigations of alleged anti-competitive practices.  
It is my understanding that the CCPC has been undertaking an...

176. Deputy Aengus Ó Snodaigh asked the Minister for Transport, Tourism and Sport the reason there is no legislation forcing insurance companies to disclose claims statistics to show transparency and justify rising costs. (Question 40820/17 asked on 27 Sep 2017 - Insurance Industry Regulation)

Minister for Transport, Tourism and Sport (Deputy Shane Ross): This matter falls under the remit of the Minister for Finance as it relates to the collection of claims statistics arising from insurance claims and the legislation governing insurance generally, rather than the specific legislative requirements governing the obligation for motorists to have insurance arising from domestic and international law.
 ...

73. Deputy Thomas P. Broughan asked the Minister for Finance if further measures are being taken by the EU Commission and his department to address the alleged cartel-like activity and price gouging in the insurance market; and if he will make a statement on the matter. (Question 40285/17 asked on 26 Sep 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): The European Commission on 04 July 2017 carried out an unannounced inspection at the premises of companies active in motor insurance in the State. The basis for this inspection was a concern by the Commission that the companies involved may have engaged in anti-competitive practices in breach of EU antitrust rules that prohibit cartels and restrictive business practices and/or abuse of a dominant market position.
As Minister for Finance, I am not i...

83. Deputy Pearse Doherty asked the Minister for Finance when he expects the remaining claims from a company (details supplied) to be settled; and if he will make a statement on the matter. (Question 40549/17 asked on 26 Sep 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.
As you are aware, the Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor in...

119. Deputy Robert Troy asked the Minister for Finance the reason vehicles which are over ten years of age and pass the national car test can be refused insurance quotes from a large percentage of providers. (Question 33214/17 asked on 12 Jul 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This position is reinforced by the EU framework for insurance which expressl...

107. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation if she has spoken to the Competition and Consumer Protection Commission, CCPC, since news emerged that insurance companies, brokers and representative bodies for the industry were raided yesterday by officers from the CCPC and the European Competition Directorate as part of an ongoing investigation into alleged price fixing; her plans to ensure there is a robust regulatory framework in place in this area; and the position regarding meeting actions under the cost of insurance working group report in circumstances for which her Department has specific responsibility. (Question 32529/17 asked on 11 Jul 2017 - Insurance Industry Regulation)

Tánaiste and Minister for Jobs, Enterprise and Innovation (Deputy Frances Fitzgerald): Under the Treaty on the Functioning of the European Union, the EU Commission has exclusive competence for competition law, including conducting investigations into alleged infringements of Article 101 and 102 of the Treaty on the Functioning of the EU. As the investigation referred to by the Deputy is an EU-led live investigation, it is not appropriate for me as Minister for Jobs, Enterprise and Innovation to...

82. Deputy Róisín Shortall asked the Minister for Finance if his attention has been drawn to the problem of fraudulent car insurance brokers; the steps he is taking to address this issue; the regime in place for establishing the bona fides of brokers; the penalties attached to fraudulent trading; and his views on the adequacy of the current regime. (Question 32015/17 asked on 06 Jul 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I am aware of the issue raised by the Deputy. I note that An Garda Síochána this week advised the public on how to avoid such fraudulent insurance brokers, discouraging motorists, for example, from buying insurance policies from unusual sources such as social networks, or in bars or restaurants or public places. 
A valid certificate of motor insurance can be obtained either directly from an Insurance Undertaking or an Insurance Intermediary, other...

110. Deputy Charlie McConalogue asked the Minister for Finance the regulations that are in place for monitoring house insurance prices; his views on a matter (details supplied); if he will ensure that measures will be taken to prevent house insurance costs from rising; and if he will make a statement on the matter. (Question 31337/17 asked on 04 Jul 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressl...

92. Deputy Pearse Doherty asked the Minister for Finance if he will amend the insurance compensation fund legislation to allow the claimants at a company (details supplied) that are likely to be compensated soon; and if he will make a statement on the matter. (Question 30254/17 asked on 28 Jun 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): It is my understanding, after seeking clarification, that the Deputy wishes to know if there is an intention to amend the Insurance Compensation Framework legislation (Insurance Act, 1964) to allow the claimants of Setanta to be compensated for 100% of the amounts due to them.
At the outset you should note that my Department has been advised by the Liquidator that as of 20 June 2017, the number of open claims was 1,578.  
The Office of the Accountan...

61. Deputy David Cullinane asked the Minister for Finance further to parliamentary question No. 125 of 28 March 2017, the position regarding the Supreme Court ruling which was due on 25 May 2017; and if he will make a statement on the matter. (Question 29269/17 asked on 22 Jun 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): The Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance.  The consequence of this is that the Insurance Compensation Fund (ICF) has been deemed responsible for the payment of such third party claims.
Setanta Insu...

329. Deputy Mary Lou McDonald asked the Minister for Finance if his attention has been drawn to an issue (details supplied); and if he will make a statement on the matter. (Question 28723/17 asked on 20 Jun 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 329 and 330 together.
As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is prescribe...

330. Deputy Mary Lou McDonald asked the Minister for Finance if adjustments companies such as a company (details supplied) are required to facilitate the special needs of the disabled; the State measures which exist to discourage excessively aggressive claim management by loss adjusters and insurers; and if he will make a statement on the matter. (Question 28724/17 asked on 20 Jun 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 329 and 330 together.
As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is prescribe...