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Today (Friday, 18 June) the Minister of State with responsibility for Financial Services, Credit Unions and Insurance and Chairperson of the Office to Promote Competition in the Insurance Market, Sean Fleming TD, notes the preliminary findings of the European Commission’s antitrust investigation into competition in the Irish motor vehicle insurance market.
While noting that sending a Statement of Objections does not prejudge the outcome of the investigations, and that this is a preliminary view. The Commission considers that Insurance Ireland arbitrarily delayed or de facto denied access to the Insurance Link platform to companies that had a legitimate interest in joining it. The Commission also considers that hurdles remain in place that might affect companies seeking to enter the Irish motor insurance market.
The Minister has also taken note of the comments made by Insurance Ireland in this matter. Notwithstanding the preliminary findings this is a very serious matter and the Minister awaits the conclusion of the investigation.
Separately, the Government continues its important work of reform of the domestic insurance sector. It is the Minister’s intention to bring forward new insurance legislation in the autumn.
ENDS