180. Deputy Catherine Ardagh asked the Tánaiste and Minister for Finance for an update on the implementation of the Motor Insurance Transparency Code; and if he will make a statement on the matter. [39600/26]

The Motor Insurance Transparency Code, published in March 2026 as part of the Government’s Action Plan for Insurance Reform 2025–2029, involved strong industry engagement. Approximately 98% of the private motor market and 2.2 million policyholders will be covered by the code when it is fully implemented. This represents a significant step forward in improving transparency, trust and consumer understanding in the motor insurance market.

The Code was developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland. This working group continues to meet regularly to support implementation and monitor progress.

Implementation is currently underway on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance within firms. It is expected that policyholders will begin to see the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement, in quotation and renewal documentation from Q3 2026 onwards.

The Code will be formally reviewed within 18 months of implementation, with the Central Bank of Ireland providing a report to the Minister for Finance on firms’ adherence to the Code and its impact in enhancing transparency for consumers.

The Department of Finance and the Central Bank will continue to engage closely with industry through the working group to ensure effective implementation and to support the ongoing development of the Code.