About time.
As of today, new rules surrounding motor insurance will come into force.
From now on, the new Central Bank rules will make sure insurance companies provide more detail to customers when they are being sent insurance renewals.
The Alliance for Insurance Reform has welcomed the reforms but have said they’ve taken too long to deliver.
Director Peter Boland said that it has taken two and a half years to announce what he descirbed as “a tiny amount of reform”.
He continued:
“If that is an example of what it will take to get real transparency in insurance, we are in serious trouble”.
Insurance Ireland, who represents the vast majority of insurance companies here, said it has been working with Government and the Central Bank to put in place the new regulations.
In a statement it says:
“These regulations are important in assisting insurance customers in making informed decisions on the cover that is right for their needs”.
Speaking about the new regulations, Insurance Ireland said:
“It is over a year since the Personal Injuries Commission established that Irish soft tissue awards were over 4.4 times those paid in the UK.”
“We still do not know when this overdue recalibration of our personal injury awards will happen.”
“This lack of claims cost reform will be a disappointment to Irish insurance customers and it should commence without any further delay”.
