The Oireachtas Committee have called on the central bank to intervene and protect motorists against Insurance premium hikes.
That call comes after the Finance Committee, found that premiums have risen by 300%. The committee are also calling for a database for insurers to share data amongst themselves to make the cost of premiums more transparent.
Speaking about the recent report Chairman John McGuinness has said the Central Bank is responsible for taking care of consumers, but they have not been doing so.
Mr McGuinness told reporters: “They don’t offer consumer protection and that’s not acceptable. So you have to have those reponsibilities for consumer protection acting on behalf of the consumer and being fearless in their challenge in relation to offering that protection.
“And we haven’t seen that.”