Disclosure of insurers’ accounts
Dr. Browne asks for insurers’ accounts and costings to be published before premium increases are approved. The Minister says application details are confidential under the Prices Act, but statutory accounts are publicly available and will be published in greater detail.
asked the Minister for Industry, Commerce and Energy if, in view of the statistics which he issued recently regarding the income and expenditure of motor insurance companies, he will publish the accounts and costings of any such company applying for permission to increase premiums, prior to his granting permission.
Comment on this
The disclosure of confidential details of accounts and costings of companies relating to price or premium increase applications is prohibited by section 25 of the Prices Act, 1958.
I may point out, however, that the annual accounts of all insurance companies submitted to my Department as required by statute are available for public inspection in the Companies Registration Office. Beginning with the current year these accounts and returns will be published in this way in much greater detail than previously, as a result of an Order—Statutory Instrument No. 401 of 1977—made recently by the Minister for Industry, Commerce and Energy.