Insurance companies have been accused of “cartel-like behaviour” in an effort to push up the cost of car insurance.

That is the finding of the Oireachtas Finance Committee, which is calling for the Central Bank to take a greater role.

The report calls for a mandatory database for insurers to share data amongst themselves to make the cost of premiums more transparent.

Chairman John McGuinness says the Central Bank is responsible for taking care of consumers, but has not been doing its job.

Mr McGuinness said: “They don’t offer consumer protection and that’s not acceptable. So you have to have those reponsibilities for consumer protection acting on behalf of the consumer and being fearless in their challenge in relation to offering that protection.

“And we haven’t seen that.”

The committee says it is time the “closed shop mentality” of the car insurance industry ends.

In its report into the rising costs for consumers, it is also calling for detailed information to be given to drivers on their renewal fees.

The body also says the CSO should be given a statutory role in collecting all data in relation to car insurance – the measure is being suggested as a means of increasing competition.