Ireland's Department of Finance has published a voluntary Motor Insurance Transparency Code to standardise how insurers and intermediaries explain private motor insurance premiums to consumers, as a priority action under the Action Plan for Insurance Reform 2025–2029. The Code was developed by a working group of insurers and intermediaries with support from the Department of Finance and the Central Bank of Ireland, and is open to all providers in the State, including cross-border entities. Firms adopting the Code are expected to provide a Premium Summary Statement at quotation and renewal showing the prior year premium, the new premium, the difference, and key factors influencing pricing, including levies and risk factors such as geographic location and licence type. It also introduces an Annual Market Overview Statement with accessible explanations of market conditions affecting premiums, including items such as profit, broker commission, legal costs, repair and labour cost trends, and developments in injury-related claims. Additional elements include risk-mitigation guidance for consumers, a requirement to use clear and accessible language, an online glossary, staff training, a designated Senior Executive responsible for compliance, and general reasons for declined applications with guidance on next steps including the Declined Cases Agreement. Implementation has commenced on a phased basis from March 2026, with consumers expected to start receiving the relevant information towards the end of Q3 2026. The Code is intended to align with disclosure and customer-information obligations under the Central Bank of Ireland’s revised Consumer Protection Code, which takes effect on 24 March 2026 and is legally binding on insurers and intermediaries, with the Administrative Sanctions Procedure applicable for non-compliance. A first review of the Code is scheduled within 18 months, and the Central Bank of Ireland will report to the Minister for Finance on adherence and impact.

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