Sinn Féin TD for the Offaly and North Tipperary constituency, Carol Nolan, has welcomed the recent raid by EU Competition authorities as part of an investigation into the insurance sector in Ireland.
It is understood that at least 45 officers from the State’s Competition and Consumer Protection Commission (CCPC) and the European Competition Directorate raided the main motor insurance providers this morning as part of an ongoing investigation into alleged cartel activity in the insurance industry.
Speaking to the Offaly Express today, Carol Nolan said she has received "countless correspondence from constituents in relation to the spiralling costs of motor insurance in recent months.
"This was one of the first issues I raised in the Dáil when I was elected as a TD and I have raised this issue a number of times over the past year," Nolan added.
"I welcome the recent move made by the EU competition authority to take action on the motor insurance scandal by carrying out an investigation. This should have been done a long time ago to in response to unjustified and ridiculous motor insurance hikes," Nolan claimed.
"These dramatic and unjustified increases in insurance prices across the board and the fact that the central bank has accused insurers of providing false information to it, point to solid grounds for an investigation. This news this morning will offer some hope to drivers and others reliant on insurance that there is some protection for them even if it is coming very late in the day," she concluded.
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