Doherty slams CCPC, Varadkar over insurance price-signalling agreement

Donegal Deputy Pearse Doherty has slammed the Competition and Consumer Protection Commission, the Irish Government and Tanaiste Leo Varadkar today, after an announcement that six major insurance companies have signed up to an agreement following the alleged price-signalling scandal.

The preliminary findings of the initial CCPC investigation, released in September of last year, made allegations that seven companies – AIG, Allianz, AXA, Aviva, FBD, AA Ireland and Brokers Ireland – all engaged in price-signalling between 2015 and 2016 – but the CCPC findings also ruled at the time that there was no definitive conclusion that there was a breach of Irish competition law.

Six of the insurance providers signed an agreement with the consumer watchdog today, following a five year investigation into the practice  – where an insurance provider makes their competition aware that they are about to increase prices, leading to an industry-wide price hike.

The agreement signed today says that the six companies must commit to reform their internal competition law compliance programmes – with only Brokers Ireland not signing up.

Speaking to Highland Radio News today, Donegal TD and Sinn Féin finance spokesperson Pearse Doherty said that the CCPC needs to be afforded more powers by the Government to further tackle insurance companies – and that Tánaiste Leo Varadkar should be held responsible for that legislation not being put in place…

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