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Publication of Action Plan for Insurance Reform Progress Update

 

Insurance Ireland Statement on the Publication of Action Plan for Insurance Reform Implementation Update

Issued 1st March 2022. Insurance Ireland has welcomed the publication today of the Action Plan for Insurance Reform Progress Update, but important step change reforms such as rebalancing the Duty of Care are still to be undertaken.

  • Personal Injuries Guidelines implemented, but uncertainty remains due to legal challenges to their application.
  • Proposed reforms of PIAB welcomed.
  • Amendments to the Duty of Care and Occupiers’ Liability Act need to be expedited  in the interest of businesses and consumers.

Moyagh Murdock, Chief Executive of Insurance Ireland said: “Our members have been seeking reforms for many years and we welcome the progress and commitment of the Government to the reform agenda. A more stable sector, delivered through these reforms can reduce volatility and deliver better value for consumers and businesses alike. 

Moyagh Murdock continued: “We are very pleased to see the action around strengthening the role of PIAB and the recent publication of the General Scheme of the Personal Injuries Resolution Board Bill 2022, which will extend PIAB’s services to include mediation aimed at resolving personal injuries claims that are currently resolved through a much more costly and lengthy litigation route. We would like to see this legislation being progressed as quickly as possible. Our members would also stress the need for legal clarity to provided as soon as possible surrounding the application of the Personal Injury Guidelines which are current under various legal challenges.

While the Government reiterating its commitment to the review of the duty of care laws. We firmly believe that rebalancing the duty of care applied to policyholders is an essential part of the reform agenda and ensuring that it is practical and proportionate for businesses, claimants and consumers and work on progressing this review should be accelerated and we look forward to working with government to progressing these reforms.”

 

ENDS.