Motion or amendment: Reduce insurance costs for workers, families and businesses
Motion or amendment by Mr Philip McGuigan on .
- MLA
- Mr Philip McGuigan
- Party at the time
- Sinn Féin
- Date
- 30 April 2024
- Type
- Motion or amendment
- Business
- Motion · Private Members' Motion
- Heading
- Reduce insurance costs for workers, families and businesses
- Assembly identifier
- Document 399541
Read the official Assembly record Open Data source
Text
Reduce insurance costs for workers, families and businesses
That this Assembly notes the unprecedented increases in insurance premiums for home, business, and car insurance, which are crippling workers, families, and small businesses, many of whom are already struggling with the cost-of-living crisis; acknowledges that many motorists have seen their quotes increase significantly even if they haven’t had an accident, speeding fine or a change in circumstances; further acknowledges that the increase in insurance premiums has generated huge profits for the insurance industry and a windfall in Insurance Premium Tax collected by the British Government; recognises that the Financial Conduct Authority, the Prudential Regulation Authority, and the Competition and Markets Authority have a duty to monitor and regulate the insurance industry, investigate any allegations of unfair practices, and to ensure consumers receive a fair price; calls on these bodies to fulfil their statutory duties to hold the insurance industry to account and investigate the recent increases in insurance premiums; and further calls on the British Government to reduce the rate of Insurance Premium Tax which puts an additional financial burden on workers, families, and small businesses.
185 words. Text as published by the Northern Ireland Assembly.
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