Written Answers. - Insurance Industry.

Tuesday, 23 March 1999

Dáil Éireann Debate
Vol. 502 No. 3

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  123.  Mr. Hayes    asked the Tánaiste and Minister for Enterprise, Trade and Employment  Information on Mary Harney  Zoom on Mary Harney   the proposals, if any, she has in respect of introducing disclosure of charges, including commission, on the sale of life assurance products; if she has considered the implications of these proposals on independent brokers within the insurance industry; the discussions, if any, which have taken place with the Irish Brokers Association; her views on whether a possible competitive advantage could exist for larger financial institutions who offer similar insurance products; and if she will make a statement on the matter. [8285/99]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy): Information on Noel Treacy  Zoom on Noel Treacy  I refer the Deputy to the detailed and comprehensive reply which I gave to the House regarding this subject on 9 March 1999 in which I stated that formal consultations on the proposed life assurance disclosure regulations have taken place between my Department and all interested parties, including the Irish Insurance Federation, Irish Brokers Association, the Professional Insurance Brokers Association, the Consumers Association of Ireland, the Director of Consumer [549] Affairs and the Pensions Board. Despite the fact that the formal consultation process has concluded, submissions continue to be received and considered by my Department, including from the Irish Brokers Association.

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