Mairéad Farrell (Galway West, Sinn Fein) | Oireachtas source

I thank the Minister of State for coming before the committee for the second time today for this important legislation. It is my understanding that sections 2 and 3 relate to the deduction by insurers of Covid-19 related State supports for final business interruption insurance claim settlements. We are all quite aware of how difficult Covid-19 has been for businesses and the impact it has had. The fact that people had to use that business interruption insurance shows the impact it had. The Central Bank informed my party in written correspondence in May last year that more than €163 million had been paid out to in excess of 5,000 policyholders through settled claims and interim payments. Over the course of the pandemic, it became apparent that insurance companies were deducting the value of State supports provided to firms during the pandemic from the value of the business interruption payouts. That came as a major concern to businesses. The reality is many of the insurance companies thrived during the pandemic.

These payments were made to assist the businesses, not big insurance companies. I am seeking an update on this because this section deals with it. I also have a question on sections 3 and 4 relating to the database, but perhaps the Minister of State can give an update on this.