Press release
Minister of State Seán Fleming welcomes the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022
Published on
Last updated on
Published on
Last updated on
The Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, said:
“I welcome the Central Bank's new Regulations to ban the practice of price walking in the home and motor insurance markets, making Ireland the first European Union Member State to do so. This will deliver a fairer approach to how motor and home insurance policies are priced.
The ban is pro-consumer and was a key element of the Government’s Action Plan for Insurance Reform.
I will soon publish the Insurance (Miscellaneous Provisions) Bill 2022, which will require the Central Bank to publish data on how these changes are being passed on to consumers.”
More information on the new Central Bank regulations can be found here .