Life insurance companies are putting the finishing touches to their final response to controversial commission disclosure provisions contained in the soon-to-be published Insurance Bill. The Irish Insurance Federation (IIF) is compiling the comments and is expected to deliver them to the Department of Enterprise, Trade and Employment within weeks.

Under the provisions, insurance brokers and agents must disclose the amount of commission they receive for selling life assurance savings products and pensions. Consumer groups insist this information is essential to enable purchasers to select the best deal.

Publication of the Insurance Bill is expected at the end of this month but many in the industry believe this timescale is optimistic. The expected delays follow numerous postponements caused by drafting regulation difficulties, ministerial policy changes and Y2K issues.

The Consumers' Association of Ireland (CAI) is particularly critical of the industry and the department over the long wait for the introduction of commission disclosure.

"They fought every provision tooth and nail. First it was the minister, then year 2000 was the latest and I'm assuming next year's excuse will be the euro," said CAI chairman, Mr Eddie Hobbs.

The IIF agrees that the process has gone on for a long time but says there have been legitimate issues. "Our approach more recently would be that this is going to happen, let's get it done and dusted and agreed as soon as possible. I think we've done everything we can to make it happen," said IIF life assurance manager, Ms Jennifer Hoban."

In the past, the IIF has proposed that some types of insurance product be excluded from disclosure requirements, namely group life insurance, group permanent health insurance (PHI) and creditor insurance. As the legislation is designed to protect the consumer, it should only impact on consumer types of business, said Ms Hoban.