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To ask the Secretary of State for Justice, what plans she has to require insurers to pass on to consumers the potential savings arising from the proposed reform to whiplash and small claims; and whether she plans to impose penalties on those insurers that do not comply.
Leading insurers have already, following publication of the Government’s consultation in November, committed to pass on savings from the reforms to consumers through lower premiums.
Motor insurance is intensely competitive and insurance companies will have little choice but to pass on savings or risk being priced out of the market. The Government will monitor the industry’s reaction to the reforms announced on 23 February and will consider further action if required.