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

In response, certainly we will look at it. We have legal advice on this from the Office of the Attorney General. They are quite satisfied with what we have in respect of section 7, that there must be an economic interest. Section 7(2) states:

Where the consumer is required, because the contract of insurance is also a contract of indemnity, to have an interest in the subject-matter of the contract, the interest required shall not extend beyond a factual expectation either of an economic benefit from the preservation of the subject matter, or of an economic loss on its destruction, damage or loss that would arise in the ordinary course of events.

We are satisfied that the section is covered. That said, I will bow to the Deputy's legal knowledge and ask that the matter is run through in conversation again.

I thank Deputy Pearse Doherty. This Bill took longer than anticipated to complete, but we have good legislation. I have been fair to both Houses and all Members on the issue of insurance. We are going through a difficult period in the insurance sector in Ireland and I could not have got this legislation through without the co-operation I have received. We have the Insurance (Amendment) Act 2018, the Central Bank (National Claims Information Database) Act 2018, the Judicial Council Act 2019, had changes to sections 8 and 14 of the Civil Liability and Courts Act 2004 and a change to Central Bank rules and regulations within the last month. We now have this Bill and there is more work to be done.

We will continue to improve the insurance sector on every occasion we have an opportunity to do so. There were parliamentary questions to the Minister for Finance earlier today. We expect to move towards the establishment of the personal injuries committee shortly. Responsibility will then move from this House for the guidelines. I am clear that they will be lower cost, lower impact guidelines. Two thirds of all personal injury claims in Ireland are for sums less than €26,000 and they are the claims that are doing damage. There are too many occasions on which people present innocuous claims and seek large amounts of money in damages. That era has to end. I know that I have the full support of every Member of this House, as well as of the other Chamber, in trying to bring it to an end. One of the reasons I am doing this is for people who have been impacted on by injury, damage and loss. I refer to having a properly structured insurance sector in this jurisdiction in order that they will receive fair and adequate compensation. I am not referring to people with a bruise or a scratch or who have suffered a little knock.

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