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Central Bank of Ireland report on insurance measures
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6. (1) The Bank shall, within 6 months of the first anniversary of the commencement of this section, prepare and submit to the Minister a report detailing the following:
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(a) the opinions of the Bank in relation to the oversight of pricing practices of insurance undertakings and insurance intermediaries relating to relevant insurance contracts;
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(b) the measures the Bank has implemented, if any, in the relevant period in respect of the practice whereby the price offered by an insurance undertaking or insurance intermediary to a consumer in respect of a second or subsequent renewal of a relevant insurance contract is higher than the price that would have been offered by the insurance undertaking or insurance intermediary, as the case may be, to the consumer were the consumer renewing the contract for the first time;
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(c) the measures the Bank has implemented, if any, in the relevant period in respect of the practice whereby non-life insurance contracts are automatically renewed at the end of their term;
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(d) the conclusions of the Bank as to whether measures or further measures, as the case may be, should be implemented in respect of all or any of the practices referred to in paragraphs (a), (b), and (c) and the basis for those conclusions.
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(2) The Minister shall lay a copy of a report submitted under subsection (1) before each House of the Oireachtas as soon as practicable following its receipt.
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(3) In this section, “relevant period” means the period from the date of the commencement of this section to the date of submission of the report under subsection (1).
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