Ireland Unveils New Transparency Rules For Motor Insurers

Law360, London (November 1, 2019, 12:03 PM GMT) -- Motor insurers in Ireland will be required to include the previous year’s premium price on renewal under rules announced by the country’s central bank on Friday in a move to encourage customers to shop around and “make informed choices.”

The amendment to 2007 regulations on insurers, which took effect on Friday, echo similar arrangements established by the U.K.’s Financial Conduct Authority in 2017. Insurers in both countries have been accused of penalizing loyalty by incrementally raising rates at renewal for consumers less likely to seek better deals.

“Motor insurance in particular can represent a significant outlay for many people, so these changes will...

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