Ireland To Consider Accountability Rules For Insurers

Law360, London (July 16, 2021, 1:18 PM BST) -- Ireland's deputy prime minister has said the government will consider legislation to hold insurers to account if they fail to pass on savings to policyholders as a result of reforms to payouts on personal injury claims.

Leo Varadkar told the country's legislature, the Dáil, on Thursday that his government will consult with the Central Bank of Ireland over the proposed rules.

The country embarked on a sweeping reform program to drive down the cost of insurance for businesses in December. But lawmakers are growing increasingly concerned that insurers have so far failed to pass on savings in the form of lower...

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