Minister defends insurance reform in fiery hearing
The minister of state in charge of insurance reform has traded angry exchanges with TDs and senators who accused him of treading softly with the industry on recommendations made to lower costs for consumers.
At a combative hearing of the Oireachtas Finance Committee, Michael D’Arcy hit back at accusations that little had been done since the Cost of Insurance Working Group issued a report on the motor and public liability insurance costs.
Mr D’Arcy said 62 of 78 actions recommended had been completed, but accused the Seanad of holding up vital parts of legislation needed for the reforms.
“The next big stuff that comes along — the national claims information database, the establishment of the judicial council, the recalibration of the book of quantum — that’s where I would hope to reduce (average costs) further,” he said.
“But unless I get co-operation between both houses with legislation, to get these through as quickly as possible, we might get stuck on a 23% average reduction,” he said, citing CSO figures of a 23% reduction since premiums peaked in July 2016.
“The Judicial Council Bill is stuck in the Seanad behind the Judicial Appointments Bill, where there has been 41 hours of a filibuster… if we get stuck behind legislation, there is a cost.” he said, adding the Judicial Council Bill.
Senator Rose Conway-Walsh said it was “unimaginable they (insurance firms) won’t even tell people when a claim is made against them”.
Mr D’Arcy fired back: “I have five other pieces of legislation far more important than that… this is a very small issue you are talking about… if you think this is the big stuff, senator, you don’t know what you are talking about.”
Senator Gerry Horkan said Mr D’Arcy’s claim that the Seanad was holding up legislation was a distraction, saying there was no reason other legislation couldn’t be scheduled at the same time if it was Government priority.
