Companies that sign up would also have to give a breakdown on premium calculations, charges and discounts.

Approximately one-third of Laya plans will see no change or a reduction in price, including child rate and young adult rates.

The latest review from the Central Bank has blamed inflation and soaring repair costs for the increases.

Injury claims in 2022 were up 16 per cent on the previous year, while damage claims rose 20 per cent