Ireland’s Central Bank (National Claims Information Database) Bill 2017 has taken quite a battering from the insurance industry… and now a junior minister has called the bill “complicated,” saying that the proposed insurance database won’t be a reality until next year.
“I would be hopeful that we could get the legislation through both houses [of the Oireachtas] this year, that’s my objective and I think that’s a pretty decent ask,” The Times quoted Minister of State at the Department of Finance Michael D’Arcy as stating. “It’s a complicated bill.
“I would be hopeful we could get the legislation through [this year] and during 2019 we could get the national claims database up and running. I think that’s realistic.”
The database is part of efforts to address insurance woes in Ireland, particularly those related to costs. D’Arcy chairs the Cost of Insurance Working Group, which has published recommendations for an industry also being hounded by transparency issues and allegations of anti-competitive practices.
While passing the required legislation – originally slated for 2017 – had been delayed, the official cited the amount of work being undertaken.
“I understand why many believe that the pace of reform is not sufficiently quick,” D’Arcy was quoted by The Irish Times as saying. “While I am not unsympathetic to this view, it is important to point out that there is a lot of work being done.”
