Dáil Éireann Debate, Tuesday - 26 May 2026
451. Deputy Louis O'Hara asked the Tánaiste and Minister for Finance when the recently published Motor Insurance Transparency Code will come into force; whether there are penalties for breaching this code; whether there are ways for members of the public to report breaches of this code; and if he will make a statement on the matter. [39438/26]
View answerThe Motor Insurance Transparency Code was developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland. This working group continues to meet regularly to support implementation and monitor progress.
Implementation is being undertaken on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance within firms. Policyholders are expected to begin experiencing the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement from Q3 2026 onwards.
The Code was developed by a working group and represents a collaborative approach rather than a statutory piece of legislation. Accordingly, there are no formal penalties associated with non-compliance with the Code. While not legally binding, it sits under the umbrella of the Central Bank of Ireland’s Consumer Protection Code (CPC), and aligns with relevant disclosure requirements and requirements to inform customers effectively.
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 which will apply to insurers and intermediaries under the Central Bank’s revised Consumer Protection Code (“CPC”). This ensures an appropriate balance between enhancing transparency and safeguarding commercially sensitive information.
If a consumer wishes to make a complaint, they can do so with the insurance company in question. Furthermore, the Central Bank will provide a report to the Minister for Finance within 18 months on their observations on firms’ adherence to the Code, and the effect the Code is having in achieving its objectives, including providing greater transparency for consumers with respect to private motor insurance premiums.
The Department of Finance and the Central Bank will continue to engage closely with industry through the working group to ensure effective implementation and to support the ongoing development of the Code.
