The recently created Personal Injuries Assessment Board (PIAB) will begin dealing with motor accident and public liability cases from next week, the Tánaiste and Minister for Enterprise, Trade & Employment, Ms Mary Harney announced today.
The move is expected to enable a swifter method of delivering compensation to accident victims while at the same time curtailing the litigation costs previously associated with such cases.
The PIAB, which was created in response to the high cost of settling insurance claims in the State, began taking employer liability cases at the start of June and is expected to make its first compensation assessments by the end of the summer.
"The extension of PIAB to deal with motor and public liability is good news for consumers, businesses and society as a whole" the Tánaiste said.
After meeting with insurers in London yesterday, Ms Harney said she expected new entrants into the Irish insurance market leading to lower premiums through increased competition.
The announcement follows a report in today's Irish Timeswhich says the Oireachtas Joint Committee on Enterprise and Small Business will call for a return to 1999 levels for insurance premiums after the sector recently reported €700 million profits last year.
The committee, which has been investigating the high cost of insurance to both businesses and the public, will also call for the creation of a Garda traffic corps as promised by the Government some years ago.
The aim of the PIAB is to reduce costs and the time taken to settle compensation claims where there is no dispute over legal issues. However, parties are not obliged to accept the PAIB's recommendation and can refer the matter to the courts.