A government junior minister admits a regulatory oversight led to the practice.
Dual-pricing by insurance companies is set to be fully outlawed in the first half of next year.
That's according to Junior Finance Minister Seán Fleming, who admits a lack of vigilance from the regulator has to led to this practice of charging long-term customers higher premiums.
A three-month public consultation on the new legislation is now underway, with the Central Bank to finalise the law by the 1st July 2022 at the latest.
In the meantime, the Laois-Offaly Fianna Fáil TD has this advice for customers: