Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

That is correct. Each year that an annualised contract comes out to someone, it starts when they take it out. Car insurance is the best example. If the customer renews it on a particular date, say 23 May 2017, if they had the same insurance with the same company over the last nine years, that it is not a nine year contract, it is a one year contract starting on the date of renewal. That is my understanding of Deputy McGrath's interpretation and it is my understanding of what this legislation means.