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

I move amendment No. 5:

In page 7, lines 23 to 25, to delete all words from and including "(1) The" in line 23 down to and including line 25.

I propose an amendment to section 5 regarding regulation-making powers. Section 5(1) provides that the Minister for Finance may make regulations to give full effect to the Act. However, this provision serves little practical purpose because the Bill does not set out any principles and policies to provide the basis for the making of regulations. Such criteria are an essential legal prerequisite for making of secondary legislation as, first, they provide direction as well as limits as to what a Minister can do and, second, the provisions of the Bill are self-contained and do not appear to require or permit further elaboration in secondary legislation in order to have full effect. Furthermore, the policy intent behind this proposal as set out by the LRC to determine formalities in a consumer insurance contract such as prescribed notices, notifications and forms would be better achieved through existing Central Bank powers. For example, the Central Bank has powers under section 48(2)(f) of the Central Bank Enforcement Act 2013 to make provisions specifying the information to be given to customers by regulating financial service providers. I, therefore, propose to delete section 5(1) through amendment No. 5.

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