Clampdown on insurance fraud

INSURANCE fraudsters face up to 10 years in prison and fines of up to €100,000 for making bogus claims, under legislation published yesterday.

The Civil Liability and Courts Bill along with the Personal Injuries Assessment Board (PIAB), which was formally established last year, form the central pillars of the Government’s drive to bring down the cost of insurance. When both measures are in place, the Government is anticipating the cost of insurance will fall by as much as 30%.

While the legislation will clamp down on those committing insurance fraud, the PIAB is aimed at reducing the huge legal costs involved in processing insurance claims through the courts.