Ireland’s top judge told Insurance Ireland’s annual fraud conference in Dublin that he had picked judges from the High Court, Court of Appeal, District Court and Circuit Court to sit on the committee, which will meet for the first time in the near future.

Conference delegates included representatives from insurers, the medical profession, An Garda Síochána and business, who have come together to discuss the theme of “the cost of fraud to society”.

The insurance industry blames large personal injury awards for high insurance premiums and is pushing fro new guidelines recommending lower pay-outs. Personal injury solicitors, on the other hand, have accused insurance companies of exaggerating the impact of fraud while making billions of euro in profit.

Commenting on the Chief Justice’s announcement, Gerry Hassett, interim CEO of Insurance Ireland, said: “This is an important announcement and we look forward to the swift progression of the Council’s work on new guidelines for personal injury as the key reform of our cost of claims.

“Insurance Ireland is seeking further clarity on the exact timeline for the committee’s recalibration of awards and is calling for the Minister for Justice and Equality Charlie Flanagan to commence the remaining sections of the Judicial Council Act immediately.”

Mr Hassett added: “Today is another step on the road to the reform of our cost of claims. It’s a welcome step but policyholders need clarity on the timeline for this work and when the new guidelines will be ready.

“Reform of our cost of claims is overdue and it must be completed as a matter of urgency in the interests of all policyholders.”