Cabinet Committee Sub-Group on Insurance Reform
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Published on
Last updated on
Insurance costs remain a significant issue for businesses, motorists, households and a range of sporting, community and voluntary groups. A stable insurance environment is important for consumers and businesses in the context of enabling our society and our economy to fully function, particularly in the aftermath of COVID-19. In this regard, addressing elevated pay outs and competitive issues will be critical in building an insurance system which is affordable and reliable and underpins a vibrant economy.
The associated suite of reform measures necessary to tackle these issues require a cross-governmental response and this is recognised in the Programme for Government commitments.
To ensure that the implementation of the government commitments on insurance reform involves a “whole-of-Government” approach, the government has set up a Sub-Group on Insurance Reform within the Cabinet Committee on Economic Recovery and Investment (CCERI).
This was formally established in September 2020 and is chaired by the Tánaiste. Membership includes the Ministers for Finance; Public Expenditure and Reform; Justice; Children, Equality, Disability, Integration and Youth; the Minister for State at the Department of Finance with responsibility for Financial Services, Credit Unions and Insurance; and the Minister for State at the Department of Enterprise, Trade and Employment with responsibility for Trade Promotion, Digital and Company Regulation.
The Sub-Group is meeting on a regular basis to drive this agenda forward and to consider the progress that each Minister is making in implementing the specific actions for which they have responsibility.
The first task of the Sub-Group was the development of an Action Plan, to reflect the commitments made in the Programme for Government, the relevant government departments and agencies/bodies, and the associated timeframes for delivery of the commitments. The Action Plan highlights a number of principal actions.
These are:
The next phase of the process will be the implementation of this Action Plan. The Sub-Group will publish six-monthly reports on the progress of the implementation of the Action Plan and these will be available here.
Any inquiries can be sent to insurance@finance.gov.ie
The Sub-Group will also oversee and monitor other related developments, such as outstanding recommendations arising from the Reports of the Cost of Insurance Working Group (CIWG) and Personal Injuries Commission; the Central Bank of Ireland’s Review on Differential Pricing in the Insurance Sector; and the CCPC’s market study on employer and public liability insurance.
Links to the previous reports of the CIWG and the Personal Injuries Commission and other relevant reports can be found here:
Link to NCID page on CBI website
Link to CBI Insurance Regulation Page
Link to CBI SFCR Repository
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