A Donegal TD has described the recent Report on Dual Pricing in the Insurance Market by the Central Bank as a damning indictment of the insurance industry, and has said it represents a “victory for consumers.”
Sinn Féin spokesperson on Finance Pearse Doherty TD has long called for a ban on the practice, which leads to consumers being charged artificially high premiums.
The Central Bank launched its probe in the wake of a complaint by the Sinn Fein TD in October 2019.
The Central Bank report has proposed a ban of the practice of ‘price walking’, whereby insurers increase the premiums of loyal with artificially high insurance premiums.
Speaking to Ocean FM News Deputy Doherty says the report by the Central Bank on the use of dual pricing by the insurance industry is a shocking indictment of the industry and how it rips off consumers.
So consumers should be seeing more competitive prices and experience savings, unfortunately for those that were over charged there will be no refunds.