Six insurance companies have signed a legally-binding agreement to reform their internal competition law compliance programmes after an investigation by the Competition and Consumer Protection Commission.
It was investigating price-signalling, a practice where businesses tell competitors about plans to hike prices.
Commission member Brian McHugh has welcomed the commitment from the companies:
"We tell the consumers to shop around. We tell them to go to different companies and look for prices. And what they want to have the confidence in is that those companies are competing aggressively against each other and they can get the best price. So that's what today is about. It's a positive step in the industry."
