EU competition authority raids Irish motor insurance brokers

Volatire

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Motor insurers and brokers in Ireland raided by EU competition agency

It is unclear (to me) whether they were invited in or can do this off their own bat.

Pearse Doherty (SF) gushing with praise for this outside intervention:

While the details of the operation remain unclear, Sinn Féin finance spokesman Pearse Doherty welcomed the move.
“The dramatic spikes in insurance prices across the board, and the fact that the Central Bank has accused the insurers of providing false information to it, point to sound grounds for investigation,” he said.
“The news this morning will offer hope to drivers and others reliant on insurance that there is some protection for them even if it is coming very late in the day.”
 


Hillmanhunter1

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Wow!
Interesting development.
It will also be interesting to learn if the Irish authorities were aware of and participated in these raids.
 

brughahaha

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wombat

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I sincerely hope this an early sign of things to come.
My policy is due for renewal this month, I'll see then.:lol:
 

ruserious

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While I welcome any move to break up the insurance cartels, there are sovereignty issues at play here.
 

statsman

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Wow!
Interesting development.
It will also be interesting to learn if the Irish authorities were aware of and participated in these raids.
Almost certainly yes.

Commission officials conducting an investigation will usually be assisted by officials from the relevant national competition authorities. The Commission may ask these authorities to conduct the investigation on its behalf. Where a company refuses to comply with an inspection ordered by a decision, the member state must provide the necessary assistance to allow the Commission to obtain access to the premises, including obtaining a warrant.
https://uk.practicallaw.thomsonreuters.com/9-380-0621?transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1
 

Mad as Fish

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wombat

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You're kidding! You do know we're in the EU, don't you?
Anyone remember London Dublin airfares in the days of sovereignty?:lol:
 

ShoutingIsLeadership

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You think?

I hope you're wrong, though I have no reason to doubt you in this case.

What are they going to do? Put some out of business and leave us with an even more uncompetitive market? Fine them, and watch as the customers pick up the cost of the fines?
 

Disillusioned democrat

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But, but, but....Eoghan Murphy told us a few months ago that the sector was all above board and that the high premiums were justified after his 12 month deep dive as Junior Minister for sorting stuff out.
 

HenryHorace

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Shameful it takes the EU to attempt to bring down these crooks. There will a lot of nervous ministers and ex ministers who have pocketed big time from this scam.

Let the fun begin.
 


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