Dáil Éireann Debate, Tuesday - 21 April 2026
288. Deputy Sean Fleming asked the Tánaiste and Minister for Finance for an update on the number of insurance companies who have signed up to the voluntary motor insurance transparency code; and if he will make a statement on the matter. [26614/26]
Amharc ar fhreagraThe 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, to ensure strong alignment with regulatory requirements without mandating the disclosure of commercially sensitive information. The Code is designed to enhance trust, clarity, transparency, and understanding in how motor insurance premiums are communicated to consumers.
The Code is open to adoption by all insurers and intermediaries selling private motor insurance in the State, including cross-border entities. Aviva and Insurance Ireland were members of the working group that developed the Code and account for approximately 97.5% of the private motor market in gross written premium terms, with the remaining 2.5% comprised of smaller Managing General Agents (MGAs). Both Aviva and members of Insurance Ireland have highlighted their commitment to the Code and its adoption.
Implementation of the Code is currently progressing on a phased basis, supported by staff training, updated documentation, and strengthened governance. 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, most notably, providing greater transparency for consumers with respect to private motor insurance premiums.
The Department of Finance and the Central Bank of Ireland will continue to engage closely with industry stakeholders via the established working group, with a view to actively monitoring the ongoing implementation of the Code, overseeing adherence to its requirements, and tracking the level of participation and uptake among insurance companies.
