Differential Pricing Webinar
Presented by Cathie Shannon, Director General Insurance, Brokers Ireland
Monday 30 May 2022 | Duration: 1 Hours
Differential Pricing – The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Insurance Requirements) Regulations 2022
Brokers Ireland is hosting a webinar on the new Insurance Requirements Regulations on Monday, 30 May 2022 from 1100-1200 hrs. Insurance Brokers who distribute general insurance are recommended to attend this webinar as the session is aimed at advising members on how they may comply with the new Regulations.
In summary, the CBI has proposed the following which will be outlined in the presentation:
- Banned price walking from 1 July 2022, an insurance undertaking or insurance intermediary shall not set a subsequent renewal price that is higher than the equivalent first renewal price. There is a prohibition on insurance companies, or Insurance Brokers through fees or commission, charging more to a more to a consumer due to tenure. This prohibition applies to motor or home insurance policies for consumers, including private car and principal private residence insurance. There is no restraint on new business discounts.
- Insurance companies and insurance brokers must review their processes and pricing practices once per annum and ensure that they adhere to the obligation not to price walk.
Auto-renewal – new provisions regarding auto-renewal focus on transparency where auto-renewal is in place. These transparency requirements apply to the whole non-life market and not just the home and motor insurance markets.
One hour CPD (Cat 4) subject to accreditation approval will apply to members who attend the full hour duration of this webinar.