Dáil Éireann Debate, Wednesday - 25 March 2026
44. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance further to Parliamentary Question No. 450 of the 18 of March 2026, if he can clarify whether specifically the Motor Insurance Transparency Code will be legally binding on insurance companies and intermediaries and subject to the Administrative Sanctions Procedure (ASP) of the Central Bank; and if he will make a statement on the matter. [22740/26]
Amharc ar fhreagraAs outlined to the Deputy in my response to Parliamentary Question No. 450 of 18 March 2025, the Motor Insurance Transparency Code is open to adoption by all insurers and intermediaries selling private motor insurance in the State, including cross-border entities. 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”).
While the Code is not subject to the Administrative Sanctions Procedure (ASP) of the Central Bank, 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.
