Tánaiste: Legislation Forcing Insurance Firms To Pass On Savings "Sensible"

Friday, 28 May 2021 11:13

New guidelines on awards pay-outs issued in April.

The Tánaiste says legislation forcing insurance companies to pass on the savings made from lower injury awards is a "sensible idea"

New guidelines on reduced court awards for minor injuries were issued earlier this year.

It is anticipated that this will bring about a cut in premium prices in the second half of the year.

Insurance companies, however, are not required to pass on savings.

Tánaiste: Law to make insurance companies pass on savings 'sensible idea' https://t.co/Eo7SZCFiBD
— Irish Examiner (@irishexaminer) May 27, 2021

Minister of State at the Dept. of Finance, Sean Fleming, has been speaking to Kildare Today.

He says guidelines only came in to being 4 weeks ago, and many companies will monitor court awards before reducing premiums.

Minister Fleming joined Clem Ryan on Friday's edition of the programme.

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