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

I move amendment No. 11:

In page 4, lines 18 and 19, to delete all words from and including “(1) Except” in line 18 down to and including line 19 and substitute the following: “(1) Except where otherwise provided, each provision of this Act applies to life and non-life contracts of insurance entered into, and variations to such contracts of insurance agreed, between an insurer and a consumer after the commencement of the provision concerned.”.

This group covers the amendments to section 2, which determines the scope of the Act. The proposed amendments clarify the scope of Act to ensure it applies only to contracts, or variations made to existing contracts entered into after the Act comes into force, such that it is prospective rather than retrospective. The provisions also ensure that insurance intermediaries are within the scope of the Bill. This is done by deleting section 2(2)(a) which had provided that they were outside its remit. It is also proposed to amend the terminology "marine, air transport insurance" to refer instead to the appropriate categories within the regulations transposing solvency. This is designed to provide more clarity for industry. It is further proposed to introduce a new subsection to exclude contracts entered into by special purpose vehicles from the scope. The proposed amendments also introduce a new section to clarify that the Bill does not impact on the duties of the Motor Insurers Bureau of Ireland, MIBI, specifically in relation to subrogation.