Regulatory Alerts2022-05-06
Insurance Regulations 2022 - Q&A (updated 6 May 2022)
The Central Bank of Ireland issued guidance on the Insurance Regulations 2022, which ban price walking in motor and home insurance markets effective 1 July 2022. The regulations prohibit insurers from charging existing consumers higher premiums than equivalent new customers and mandate annual reviews of pricing policies to ensure compliance. Additionally, the document clarifies requirements for automatic renewal arrangements, including information provision and opt-out mechanisms for all non-life insurance consumers.
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