Consultation on Proposals to Improve Transparency Measures for Motor Insurance Premiums

DUBLIN, Nov. 10 -- The Central Bank of Ireland issued the following news release:

The Central Bank of Ireland has published Consultation Paper 114- 'Amendments to the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007 (S.I. No. 74 of 2007)'. The purpose of this consultation is to seek views from interested stakeholders on two recommendations from the Action Plan contained in the Government's Cost of Insurance Working Group Report on the Cost of Motor Insurance.

These proposals include insurers providing additional information on the premium breakdown to consumers and extending the current renewal notification period, in respect of motor insurance, from 15 working days to 20 working days.

The Central Bank is also seeking views on whether this extended notification period should also apply in the case of other classes of insurance covered by the legislation. This includes accident, health, fire, other damage to property, and general liability insurance.

Submissions to the consultation paper, along with comments and queries, can be emailed to consumerprotectionpolicy@centralbank.ie.

The closing date for submissions is 9 February 2018. All submissions will be published on www.centralbank.ie.

This document was posted showing the date: Nov. 9, 2017.