The Justice Minister says reforming the insurance sector is a priority for her.
A new report by the Law Reform Commission has found that placing a limit on general damage payments would not be unconstitutional.
High levels of awards for personal injuries are often blamed for the rising cost of premiums for businesses.
Peter Boland of the Alliance for Insurance Reform says the timing of the report is significant.
"The reality is post-Covid-19, our economy is not going to recover through small businesses, our society isn't going to recover through voluntary groups, unless the cost of the insurance is addressed," said Peter Boland, who is with the Alliance for Insurance Reform.
"By far, the biggest element of every insurance premium is damage paid for personal injury claims," he said.
There was a concern that placing a limit on an award for general damages would require a referendum.
Minister Helen McEntee says she is awaiting the new guidelines from the Board of the Judicial Council before proceeding, "in parallel with that, you have the judicial council and this specific committee which was established back in April."
"Within six months, come back and produce a report on this very issue as well. It would be important to wait for that and look at the two together."