Jennifer Carroll MacNeill TD, the Minister of State for Financial Services, Insurance and Credit Unions has welcomed the signing of the Memoranda of Understanding for reporting insurance fraud which has been agreed between An Garda Síochána, Insurance Ireland and the Alliance for Insurance Reform.
The signing, which completes another measure in the Government’s Action Plan for Insurance Reform, took place today in the Department of Finance in the presence of Minister Carroll MacNeill, who said:
“People should not have to absorb insurance fraud costs into their motor, home or business premiums. We are determined to change the culture and practice of insurance fraud in Ireland. Today is an important step in that.
Government has targeted and delivered insurance reforms over the past three years including the introduction of Personal Injuries Guidelines; enhancement of the Personal Injuries Assessment Board (PIAB); and rebalancing the ‘duty of care’, which sets a new legal baseline for assessing claims.
It is great to see An Garda Síochána, the Alliance for Insurance Reform and Insurance Ireland strengthening their cooperation to help stamp out the harmful effects of insurance fraud through the MoU, which ultimately will benefit consumers of insurance products in Ireland.”
The formal signing of the Memoranda of Understanding fulfils the Government’s commitment to increase cooperation between An Garda Síochána and the insurance industry and represents one of the final actions of this insurance reform programme.
Minister Carroll MacNeill concluded by saying:
“Government is committed to ensuring that the implementation of the Action Plan brings benefits to policy holders across the country. It is more important than ever that insurers look at expanding their risk appetite and begin reducing premiums, and to work with their customers to ensure that the benefits of the reforms can be fully realised.”
