New Government Office Established to Promote Competition in the Insurance Market
The Government has established an Office in the Department of Finance to encourage greater competition in the Irish insurance sector. The Minister of State at the Department of Finance Seán Fleming TD chaired its first meeting this week to establish its terms of reference. This Office will develop the Government's ambitious insurance competition reform programme. This will provide a more co-ordinated Government policy approach to market competition aimed at bringing down the cost of insurance premiums, including for motor and home policies. Minister Fleming will report on its work to the Cabinet Committee Sub-Group on Insurance Reform.