Over 2 million insurance policyholders to benefit from Government’s Motor Insurance Transparency Code

• Companies representing 98% of gross written premiums agree to implement the new Code
• 2.2 million private motor policies now in scope of Code

Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy TD, has welcomed confirmation that over 2 million motor insurance policyholders are set to benefit from the Government’s Motor Insurance Transparency Code.

The Government published the Motor Insurance Transparency Code on 2nd March 2026, a priority action under the Action Plan for Insurance Reform 2025–2029.

The Code was developed by a specific working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland. Its objective is to enhance trust, clarity, transparency, and consumer understanding in the communication of motor insurance premiums.

Insurance Ireland and Aviva were members of the working group that developed the Code, with Insurance Ireland’s members and Aviva now confirming they have begun implementation. This represents 98% of the private motor market in gross written premium terms.

This means that 2.2 million motor insurance policyholders in Ireland can expect to receive much greater transparency around the composition of their premium than ever before in the Irish market.

Key features of the Code include:

• A new Premium Summary Statement, provided at quotation and renewal, setting out last year’s premium, the new premium, the difference, and the key factors influencing pricing (including levies, risk factors like geographical location, and license type).
• An Annual Market Overview Statement, providing consumers with accessible explanations of broader market conditions affecting premiums, including profit, broker commission, and legal costs.

Implementation of the Code is currently progressing on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance. It is expected that policyholders will begin to see these additional insights in quotations and renewals documents from Q3 2026.

The Code aligns with relevant disclosure requirements and requirements to inform customers effectively which will apply to insurers and intermediaries under the Central Bank’s revised Consumer Protection Code (“CPC”), which came into effect on 24 March this year.

The first review of the Code will take place within 18 months of implementation, and the Central Bank of Ireland will provide a report to the Minister for Finance in relation to its observations of insurers and intermediaries adherence to the Code and its impact.

Speaking today, Minister of State for Financial Services, Credit Unions, and Insurance, Robert Troy TD said:

Insurance Ireland, the representative body for insurance companies in Ireland, has said:

ENDS

Notes to Editors

Key Features of the Transparency Code

• A new Premium Summary Statement, provided at quotation and renewal, setting out last year’s premium, the new premium, the difference, and the key factors influencing pricing.
• An Annual Market Overview Statement, providing consumers with accessible explanations of broader market conditions affecting premiums, including repair and labour cost trends and developments in injury‑related claims.
• Clear risk‑mitigation guidance to help consumers understand how their behaviour and risk profile can influence their premium.
• A requirement for firms to use clear, plain, and accessible language and provide an online glossary of terms, with staff receiving training on the Code and each firm appointing a Senior Executive with responsibility for compliance.
• Clear general reasons for declined applications, along with guidance on next steps, including the Declined Cases Agreement.

Insurers and intermediaries are now preparing for a phased implementation, and to ensure all quotation, renewal, and market‑related documentation complies with the new standards. The first review of the Code will take place within 18 months, and the Central Bank of Ireland will provide a report to the Minister for Finance in relation to adherence and impact.

Further Details on the Motor Insurance Transparency Code

The Motor Insurance Transparency Code sets out a consistent, structured approach to explaining premium calculations to consumers in plain language. It requires insurers and intermediaries to present information in a clear and accessible way and ensures that consumers receive meaningful explanations of the factors that influence pricing. The Code also supports broader consumer protection objectives by giving customers insights into both individual risk and market‑wide trends, supported by publicly available data such as the National Claims Information Database (NCID).

The Code was developed by a working group comprising of insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, to ensure strong alignment with regulatory requirements without mandating disclosure of commercially sensitive information. Implementation will begin on a phased basis from March 2026, supported by staff training, updated documentation, and strengthened governance. A formal review will take place within 18 months. The Code sits under the Central Bank of Ireland’s Consumer Protection Code (CPC).

Background on the Action Plan for Insurance Reform 2025–2029

The Action Plan for Insurance Reform 2025–2029, published in July 2025, sets out a programme of 26 actions aimed at improving affordability, transparency, competition, and availability in the insurance market. It includes 10 priority actions with the greatest potential impact, one of which is the introduction of a Transparency Code for motor insurance.

The Action Plan is structured around six key themes:

• Transparency and affordability
• Competitiveness and availability
• Fraud
• Innovation and skills
• Climate protection gap
• Legal reform

The Plan was informed by a public consultation which received over 70 submissions from businesses, representative bodies, political parties, and members of the public, directly shaping the measures brought forward.