The Cost of Insurance Working Group published its seventh quarterly progress update on 12 November. The update reports an 80% completion date for the implementation of deadlines set out in the action plans of the Report on the Cost of Motor Insurance published in January 2017 and the Report on the Cost of Employer and Public Liability published in January 2018 which aim to tackle high premiums, reform the insurance sector and combat insurance fraud. The current status of each of the measures identified in the action plans is described in the update.
The Minister of State for Financial Services, Michael D’Arcy TD, states that much of the “heavy lifting” work of passing legislative changes through the Houses of the Oireachtas is “beginning to bear fruit”. The Minister states that in July, the Insurance (Amendment) Bill 2018 was enacted, and both the Central Bank (National Claims Information Database) Bill 2018 and the Personal Injuries Assessment Board (Amendment) (No. 2) Bill are before the Oireachtas.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.