Developed by a working group comprising of insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, the Code will enhance trust, clarity, transparency, and understanding in how motor insurance premiums are presented to consumers.
Key features of the Code include:
- A new Premium Summary Statement, provided at quotation and renewal, setting out last year’s premium, the new premium, the difference, and the key factors influencing pricing (including levies, risk factors like geographical location, and license type).
- An Annual Market Overview Statement, providing consumers with accessible explanations of broader market conditions affecting premiums, including profit, broker commission, and legal costs.
The Code is voluntary and is open to all insurers and intermediaries selling private motor insurance in the State to adopt, including cross‑border entities.
Along with an overview of their personal risk factors and market trends, consumers will also be given clear guidance on how they can reduce their risk profile and potentially lower their costs.
Minister of State for Financial Services, Credit Unions, and Insurance, Robert Troy TD said:
“This new Transparency Code is a first of its kind for Irish consumers. It will bring further transparency to the market and support consumers to know what they are paying for, and if there are legitimate reasons for why premiums have increased. By insurers and intermediaries explaining premium changes in plain language and providing insight into individual risk factors as well as wider market trends, the Code will empower consumers to make more informed decisions. It is my hope that this Code will enhance switching behaviour and arm consumers with the right information to receive a better motor insurance outcome.
I welcome the engagement from industry and the Central Bank of Ireland in developing and adopting the Code and want to emphasise that a timely and effective implementation from March 2026 will be essential to delivering real benefits for policyholders.”
Tánaiste and Minister for Finance, Simon Harris TD said:
“The publication of the Motor Insurance Transparency Code marks a significant step forward in delivering on the Government’s commitment to greater openness and fairness in the insurance market. The implementation of this Code will help enhance trust, clarity, and transparency across the motor insurance market and consumers will benefit from clear, consistent, and meaningful information about how their premiums are calculated and information on what practical steps they can take to reduce their risk”.
The Code has been designed to enhance transparency while ensuring non-disclosure of commercially sensitive information. Implementation of the Code has commenced on a phased basis, and consumers can expect receive the relevant information towards the end of Q3 this year.
The Code seeks to align with relevant disclosure requirements and requirements to inform customers effectively which will apply to insurers and intermediaries under the Central Bank’s revised Consumer Protection Code (“CPC”). The revised CPC comes into effect on 24 March this year and will be legally binding on insurance companies and intermediaries. The Central Bank’s Administrative Sanctions Procedure will be applicable in respect of non-compliance with the revised CPC.
