The code has been developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, and its publication fulfils a priority action under the government’s action plan for insurance reform.

It provides for a new premium summary statement, provided at quotation and renewal, setting out last year’s premium, the new premium, the difference, and the key factors influencing pricing (including levies and risk factors like geographical location and license type).

It also provides for an annual market overview statement, providing consumers with accessible explanations of broader market conditions affecting premiums, including profit, broker commission and legal costs.

The code is voluntary and is open to all insurers and intermediaries selling private motor insurance in the State to adopt, including cross‑border entities.

Along with an overview of their personal risk factors and market trends, consumers will also be given clear guidance on how they can reduce their risk profile and potentially lower their costs.

Robert Troy, minister of state for financial services, credit unions and insurance, said: “This new transparency code is a first of its kind for Irish consumers. It will bring further transparency to the market and support consumers to know what they are paying for, and if there are legitimate reasons for why premiums have increased.

“By insurers and intermediaries explaining premium changes in plain language and providing insight into individual risk factors as well as wider market trends, the code will empower consumers to make more informed decisions.

“It is my hope that this code will enhance switching behaviour and arm consumers with the right information to receive a better motor insurance outcome.

“I welcome the engagement from industry and the Central Bank of Ireland in developing and adopting the code and want to emphasise that a timely and effective implementation from March 2026 will be essential to delivering real benefits for policyholders.”

Tánaiste and finance minister Simon Harris added: “The publication of the Motor Insurance Transparency Code marks a significant step forward in delivering on the government’s commitment to greater openness and fairness in the insurance market.

“The implementation of this code will help enhance trust, clarity, and transparency across the motor insurance market and consumers will benefit from clear, consistent, and meaningful information about how their premiums are calculated and information on what practical steps they can take to reduce their risk.

“The code has been designed to enhance transparency while ensuring non-disclosure of commercially sensitive information. Implementation of the code has commenced on a phased basis, and consumers can expect receive the relevant information towards the end of Q3 this year.”

The code “seeks to align with” the Central Bank’s revised Consumer Protection Code (CPC), which comes into force from 24 March, he added.