Donegal TD ‘disappointed’ no legal action taken against insurance industry

A Donegal TD has described as “deeply disappointing” the fact that no legal action has been taken by the competition regulator against the insurance industry after a five-year investigation.

The Competition and Consumer Protection Commission (CCPC) said it had secured “legally binding commitments” from six insurers – AIG Europe, AXA Insurance, Allianz, Aviva Insurance, FBD, and AA Ireland – to agree to independent oversight of competition compliance programmes.

The CCPC has also expressed it’s disaffection with Brokers Ireland, which has 1,200 insurance and financial brokers as members, after it refused to be bound by those commitments.

Sinn Féin finance spokesperson Pearse Doherty said the failure by the CCPC to prosecute the industry in any way is “deeply disappointing”