The Director of Consumer Affairs has approved the Irish Insurance Federation (IIF) Code of Practice for insurance companies in relation to the changeover to the euro. Insurance customers do not need to take any action to accommodate the single currency.

Information on the euro equivalents of pounds in policies will be available on request from IIF members. Policy details will be converted to euro automatically by all insurance companies on December 31st.

A spokesman for the IIF said members were committed to carrying out the changeover to the euro fairly and would seek no advantage from the conversion. An insurance intermediaries information and training pack on the changeover is available at www.iif.ie.