Dual pricing insurance
Deputy Mary Lou McDonald raises the Central Bank investigation into widespread dual pricing in insurance and says customers were overcharged. The Taoiseach welcomes the findings, condemns the practice, and says the Government will bring forward proposals.
It is not. Since I have made the same points on the other issues, I will not labour them. When I came in here this morning, I had no intention of calling a vote until I heard from the Chairman of the Covid committee that the Minister for Health, representatives of the HSE, the Chief Medical Officer and representatives of NPHET were not coming in. Our spokespeople were prepared for those sessions. They believed they were incredibly important because of the questions being asked. If the Taoiseach believes it is grandstanding to respond to the confusion and questions he knows are being asked, he is being dishonest with the public. The matter has nothing to do with that; it is about the fact that people are confused. If the Taoiseach wants to co-operate with the Opposition and bring the public with him, I suggest he take a different approach. That also relates to the issue of speaking order, which I will keep raising because it does not denote a Government that wants to bring this House or the public with it. The Taoiseach should think again. His backbenchers are losing any advantage they gained from his manipulation of the speaking order because they are now losing time on the Order of Business. I would think about that.
Comment on this
The Taoiseach mentioned we had a briefing two or three weeks ago. Yes, we did. It was the first we had for three or four months. When are we going to have a briefing again? There is a complete lack of information for all in the Opposition, and the Government is messing around with the plan, doing what it wants and not giving confidence to the public.
Comment on this
In September last year, my colleague, Deputy Pearse Doherty, submitted a report to the Central Bank into the practice of dual pricing by the insurance industry. As the Taoiseach will be aware, dual pricing is the practice used by insurers to rip off their customers with artificially high premiums when they renew their insurance policy. Earlier this month, the Central Bank completed phase 1 of the investigation Deputy Doherty had requested and it confirmed that dual pricing is widespread throughout the industry.
Today in Britain, the Financial Conduct Authority found that dual pricing overcharged customers there by £1.2 billion in 2018 alone and so the British authorities have confirmed they will ban this practice outright.
The Taoiseach will be aware that dual pricing is banned in more than 20 states in America and today, Britain follows suit. Will he support the legislation that Sinn Féin has brought forward and do the same? Will he ensure the dual pricing is ended in the insurance industry?
Comment on this
First, I wish to pay tribute to the Central Bank and its work, which has established some important facts and information on dual pricing. It is unacceptable and indicates the degree to which citizens were not served properly or fairly, in any shape or form, by the industry. The Government will bring forward its own proposals on this issue.