Sinn F\u00e9in TD for Dublin South West Se\u00e1n Crowe has called for support for a Sinn F\u00e9in Bill that would force insurance companies to pass savings on to their customers, which will be debated in the D\u00e1il this week.
The legislation, drafted by Sinn F\u00e9in 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 Crowe said:
\u201cWe must end the insurance rip-off and reduce premiums for consumers.
\u201cThe Personal Injuries Guidelines, which have been in place for over a month now, significantly reduced the cost of claims for insurance companies.
\u201cWe must ensure these savings are passed on, euro for euro, to customers in the form of lower premiums.
\u201cHowever, the insurance companies have not kept their word on lowering premium prices and consumers cannot afford to wait any longer.
\u201cThe government\u2019s policy is to cross their fingers and hope the insurance industry will do the right thing and reduce premiums.
\u201cThat is not good enough and the insurance industry needs to be held to account.
\u201cPearse Doherty\u2019s Judicial Council (Amendment) Bill would 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.
\u201cThe legislation requires the Central Bank to report this information to the Minister for Finance with a report brought before each House of the Oireachtas annually.
\u201cThat way, we can hold the insurance industry to account and there will be nowhere for them to hide.
\u201cThis legislation would ensure that insurance providers are held to account and pass on all savings that arise out of the Personal Injuries Guidelines to their customers.
\u201cPeople in Dublin South West have enough difficulties trying to get a driving test appointment or pay for childcare, something that is already costing the earth because of insurance costs, they shouldn\u2019t be saddled with eye watering costs for personal insurance.
\u201cThe least the Government can do is support Pearse\u2019s Bill and make sure that insurance costs come down for everyone.\u201d
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Sinn F\u00e9in TD for Dublin South West Se\u00e1n Crowe has called for support for a Sinn F\u00e9in Bill that would force insurance companies to pass savings on to their customers, which will be debated in the D\u00e1il this week. The legislation, drafted by Sinn F\u00e9in spokesperson on Finance Pearse Doherty TD, would require the insurance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4578","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/4578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=4578"}],"version-history":[{"count":2,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/4578\/revisions"}],"predecessor-version":[{"id":4581,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/4578\/revisions\/4581"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=4578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=4578"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=4578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}