Donegal Deputy Pearse Doherty is calling on all parties in the Seanad to support Sinn Féin’s Consumer Insurance Contracts Bill, which reaches all stages in the Seanad today.
The legislation would modernise insurance contracts and prevent insurance companies refusing a claim when it has not received a full and complete disclosure from the customer, even in a situation where if this information had been disclosed, it would have had minimal or no impact on the decision to provide cover in the first place.
The bill would also make it easier for the customer to withdraw from a contract. Plus, any company that cancels a policy would have to pay the customer the outstanding balance of the premium paid.
The Seanad will vote on the Bill today, and Doherty is urging all parties and Senators to “stop talking about insurance and start helping policyholders by voting for this Bill.”
Deputy Doherty said : “Rip-off insurance costs are squeezing incomes and closing down businesses. People are seeing their premiums go up each year without even making a claim. The insurance market isn’t working for policyholders and the Government have done little to hold the industry to account and reduce costs.
“Sinn Féin want to stamp out fraud, ban unfair pricing by insurance companies, recalibrate the value of awards and increase protections for consumers in insurance contracts.
“Our Consumer Insurance Contracts Bill, which reaches all stages in the Seanad on Wednesday, will shift the balance in favour of the consumer by increasing transparency and strengthening the hand of the policyholder during their insurance contract.”
Deputy Doherty added: “Sinn Féin want to take on the insurance industry and ending the rip-off. By stamping out fraud, protecting consumers, banning dual pricing and bringing down premiums. This legislation is a part of that work.”
