Sinn Féin TD for Dublin South West Seán Crowe has called for support for a Sinn Féin Bill that would force insurance companies to pass savings on to their customers, which will be debated in the Dáil this week.

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 Crowe 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.

“We must ensure these savings are passed on, euro for euro, to customers in the form of lower premiums.

“However, the insurance companies have not kept their word on lowering premium prices 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.

“That is not good enough and the insurance industry needs to be held to account.

“Pearse Doherty’s 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.

“The 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.

“That way, we can hold the insurance industry to account and there will be nowhere for them to hide.

“This 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.

“People 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’t be saddled with eye watering costs for personal insurance.

“The least the Government can do is support Pearse’s Bill and make sure that insurance costs come down for everyone.”