BREAKING: Motor insurance companies raided over alleged price fixing

first_imgA number of raids have been carried out in insurance companies and brokers this morning as part of investigations into alleged price fixing.Officers from the State competition watchdog raided some of Ireland’s main motor insurance as part of a part into cartelism in the motor insurance industry.The Competition and Consumer Protection Commission began the investigation into price fixing last year and a number of industry groups were issued with witnesses summons at the time. Sinn Féin Finance spokesperson Pearse Doherty TD has said news of raids by competition enforcement officials of offices linked to the Irish insurance industry are welcome although they have come late in the day.Deputy Doherty said:“I welcome news this morning of raids being carried out by Competition Enforcement officials investigating possible cartel behaviour. This is good news for consumers that concerns I have voiced for some time about cartelism now are being taken seriously. “The dramatic spikes in insurance prices across the board, and the fact that the Central Bank has accused the insurers of providing false information to it, point to sound grounds for investigation.  The industry has been warned before about price signalling.“The news this morning will offer 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.”BREAKING: Motor insurance companies raided over alleged price fixing was last modified: July 5th, 2017 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:insurancelast_img

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