From November 1, new measures will come into affect to help consumers make more informed decisions when renewing their insurance policies.
This is according to the Central Bank, who says renewal notices will have to be sent to policy holders 20 days in advance of when their cover expires, rather than the current 15 days.
Insurers will also have to provide a quotation for all of the cover options they offer in one single renewal notice. The previous year’s premium will also have to be displayed on the renewal notice under the new rules.
These changes arise from recommendations made in the government’s Cost of Insurance Working Group, the regulator said in a statement.