Six car insurance companies who were under investigation for anti-competitive practices have agreed to reform internal competition law compliance programmes.
AIG, Allianz, Axa, Aviva, FBD and AA Ireland have all signed legally-binding agreements with the Competition and Consumer Protection Commission (CCPC).
It followed the CCPC's investigation into the practices, which started in 2016.
Agreement
Aidan Donnelly of Davy says Brokers Ireland has refused to sign up to the agreement.
Mr Donnelly told Newstalk: “They said it was never proven that there was any anti-competitive behaviour on their part. Again, Brian McHugh, a CCPC member, has come out and said, 'look, Brokers Ireland have a responsibility to address the behaviour which raised competition concerns in the first place'.”
'Deeply disappointing'
Sinn Féin finance spokesperson Pearse Doherty said the failure by the CCPC to prosecute the industry in any way is “deeply disappointing” and said “this is not the kind of supervision we need”.
“It’s important to note the CCPC isn’t taking this any further,” Mr Doherty said.
“What does it say to senior insurance executives that five years later they’re not going to take any action? They are acting like they don’t have the power, that it is for the courts, but the CCPC is the body that takes it to the courts.”
