No new law needed to ban ‘price walking’ on insurance
The government says the Central Bank already has the power to stop insurers charging loyal customers higher premiums than new clients
No new legislation will be required to ban insurers from charging loyal customers more for their car and home insurance, it has emerged.
The Central Bank of Ireland (CBI) last month published the findings of its review into so-called dual or differential pricing whereby new and renewing customers are charged different premiums for reasons other than risk or cost of service.
Its recommendations stopped short of banning insurers from offering new customers a discount, but...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine
Insurers to appoint and pay ‘independent’ experts who oversee compliance with law
The move is likely to raise concerns over the effectiveness of the deals struck by the Competition and Consumer Protection Commission with insurers
CCPC closes investigation into alleged cartel-like behaviour in insurance industry
AIG Europe, Allianz, Axa Insurance, Aviva, FBD and AA Ireland to implement internal competition law compliance programmes
Analysis: FBD must weather increase in cost exposure to Commercial Court ruling
The insurer’s total bill from the business interruption debacle has rocketed from €54 million to €81 million in just four months