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Seanad
‹ Order of Business

Insurance company profits

Summary

Senator Burke argues that insurance companies’ profits and transparency must be examined alongside calls to reduce compensation and legal costs.

Senator Terry Leyden raised the important issue of increased insurance costs, but he did not refer to the profits of insurance companies. We got rid of the jury system a number of years ago in deciding on the level of damages because we thought such a move would lead to cheaper insurance. We then set up the Personal Injuries Assessment Board because we thought it would result in cuts in legal fees. The insurance companies now want further cuts because they are still not satisfied. Nobody is talking about the profits being made by insurance companies or the need for them to be upfront on the reason insurance costs so much in this country. There is a need for an honest debate on the matter. It is important to recognise that every time we pay insurance premiums, it costs us all more because of bad management within an insurance company, Quinn Insurance, where moneys were used wrongly.

I understand a committee has been established to deal with the ten-year health care plan, but there is no reference to any Member of the Seanad being on the committee. It is important to emphasise that Members of this House could make a contribution to the debate on the plan. I ask the Leader to seek clarification from the Minister for Health on the inclusion of Members of the Seanad in the committee when it discusses the ten-year plan.

Eight months ago in this House the former Minister of State at the Department of Health, Kathleen Lynch, gave me a commitment that a report on the review of the fair deal scheme, particularly as it applied to farmers, would be made available in June 2016. I ask the Minister for Health to make that report available as we need to have a debate on the matter. It is extremely important that there be a level playing field for everyone under the fair deal scheme.

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