Regulatory Alerts2022-03-11
Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022
The Central Bank of Ireland issued these regulations to prohibit insurance undertakings and intermediaries from setting subsequent renewal prices for home and motor insurance higher than the equivalent first renewal price. The rules mandate that firms must not systematically discriminate against consumers based on policy tenure and require annual reviews of pricing models to ensure compliance. Additionally, insurers must provide clear notifications and free cancellation rights for automatic renewals of policies lasting ten months or more, as well as annual notifications for shorter-term policies.
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