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Donegal TD welcomes car insurance probe 14.09.16

A DONEGAL TD has welcomed the issuing of summonses to motor insurance providers on suspicion of breaches of competition law.
The Competition and Consumer Protection Commission (CCPC) issued the summonses as part of an investigation into possible breaches.
There are suspicions that rival companies may have been openly signalling upcoming price hikes in "a degree of unspoken co-ordination".
There has been growing anger among Irish drivers over spiralling insurance policy prices - estimated at up to 70 per cent in the last three years.
Sinn Féin finance spokesperson, Deputy Pearse Doherty said:
“This is not the first time the CCPC has called in the industry over the 'signalling' of price rises. The fact that they have acted now is, I believe, down to public pressure after a series of public hearings held at my request in the Oireachtas Finance Committee this week and last.
“I note the chairman has agreed to send on the committee transcripts to the regulator in the Central Bank and the EU Commission."
He added:“The insurance industry has gambled badly and is losing out on dividends from investments. That is the core reason drivers are facing incredibly unfair premium hikes. It is time the industry started telling drivers the truth and quit spinning half-truths and red herrings. Hopefully today’s move by the CCPC will help them face the truth.”
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