European regulators have rejected calls to expand the investigation of insurance companies here.
he European Commission competition regulators responded that the Irish competition authority is “well placed” to survey the insurance practices of companies in that country.
It comes after the Commission told Insurance Ireland last week that it had made a preliminary finding that it had violated competition rules in the car market.
After a two-year investigation, the commission alleged that there was restricted access to a data-sharing platform operated by Insurance Ireland.
He said that since at least 2009 and until today, access has been linked to association membership, and he asserted that it was not always possible for new players in the market. to join Insurance Ireland.
Insurance Link is a fraudulent claims database, with access necessary to properly assess the risks for any insurer who wishes to operate here.
It has now emerged that the lobby group Alliance for Insurance Reform has written to Commission Executive Vice President Margrethe Vestager to demand that the investigation be extended to auto insurance to include liability insurance underwritten by businesses.
Peter Boland of the Alliance said: âOur dialogue with the Commission continues and the Alliance strongly believes that the logic which prompted the Commission to investigate the use of Insurance Link by Insurance Ireland in the Auto insurance also applies specifically to the liability market.
âNot only does liability insurance within Insurance Link need to be investigated, but it needs to be done urgently given the number of business, voluntary and community, arts, sports and charitable sectors that cannot get insurance coverage at this time or are up to their last insurer. “
But the Commission dismissed the appeal asking it to expand its investigation.
He said the Irish Competition and Consumer Protection Commission (CCPC) recently published a market study on liability insurance.
“In light of this recent work in this area, as well as possible future actions by the Irish authorities, it appears that national bodies are well placed and focused on addressing the issue of liability insurance,” wrote the Commission.
The Alliance wants the database to be transferred to the State.