Byrne welcomes action plan for insurance reform
Minister of State for European Affairs and Meath East TD Thomas Byrne has welcomed the publishing of the first Action Plan for Insurance Reform.
The Plan sets out 66 actions to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden on business, community and voluntary organisations.
Minister Byrne commented, “I welcome this whole of Government approach to tackling this pressing issue. It demonstrates a commitment to delivering a more competitive insurance market for consumers and businesses."
The actions set out in the Action Plan are essential to reducing the cost of insurance and dealing with the negative impact this has on businesses and consumers
Minister Byrne added: “While progress has been made on motor insurance, many businesses have not felt the benefits of this.”
Actions will be undertaken and delivered by Ministers in the Departments of Enterprise, Trade and Employment, Finance and Justice over the next 18 months. The Sub-Group on Insurance Reform within the Cabinet Committee on Economic Recovery will meet regularly, engage with stakeholders and publish progress of the actions every six months.
The Plan will:
Replace the Book of Quantum with new guidelines on the appropriate level of personal injury awards
Enhance the role of the Personal Injuries Assessment Board
Examine the duty of care to strengthen waivers and notices to increase protections for consumers, businesses, sporting clubs and community groups
Further strengthen transparency through the expansion of the National Claims Information Database
Monitor whether personal injury award levels need to be capped
Reduce insurance fraud including placing perjury on a statutory footing, making the offence easier to prosecute
Strengthen the enforcement powers of the Competition and Consumer Protection Commission (CCPC)
Examine dual pricing
Establish an office within Government to encourage greater insurance market competition