Results 24,021-24,040 of 27,019 for speaker:Michael Noonan

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Section 8 is a technical amendment. The purpose of this provision is to repeal section 31 of the Insurance Compensation Fund of Insurance Act 1989, which made amendments to section 3 of the 1964 Act. Those amendments are now obsolete as they are superseded by section 4 of this Bill. This repeal will remove any ambiguity which might arise in the event that section 31 were to remain on the...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Section 9 provides the saving mechanism and to ensure that any liquidations or administrations commenced before this Act comes into effect will continue to be subject to the old rules. This is a standard convention that a company under administration is protected under the rules that applied when the company went into administration. The effect of this is to ensure that QIL, Quinn Insurance...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Section 10 sets out the Short Title of the Act, as the Insurance (Amendment) Act 2011. This is a standard provision in all Acts.

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Michael Noonan: I thank all the Deputies who contributed to the debate on the Bill. It was a fairly good debate. After his complimentary remarks about myself I am sorry that Deputy Healy-Rae will not be voting for the Bill but I might convince him to do so in the next ten minutes. I can appreciate the concern many Deputies have that at a time when it is hard enough for many families to make ends meet there...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: We do not have a sunset clause because some insurance claims take a long time to settle. Sometimes people must wait for medical evidence or to see how injuries develop before a claim can be finalised. A sunset clause would be unfair to policyholders who have claims pending. The intention is that claims shall run out over a period of ten years and tail off as that period comes to an end....

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: I was referring to the overall deal that Anglo Irish Bank and Liberty Mutual made with the insurers. For example, we got several offers of private equity stakes in Bank of Ireland but many of them, as well as buying a majority of the shares in the company, wanted the State to cover any possible risk down the line. There are no tails to the deal with Liberty, Anglo and the administrators,...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: I will respond to the Deputy's first question and will then read the speaking note on the section, which may anticipate many of the Deputy's questions. The levy will be applied to all vehicle, home or travel insurance written in the State for persons living in the State. What is being covered are the insurance claims of the Quinn Insurance group in respect of which adequate provision was not...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The note provides a general description of what is contained in the section and will probably answer many of the questions which Members may raise individually.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: That is no problem.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Deputy Boyd Barrett raised the issue of sanctions and penalties. This is a technical Bill and plays a small part in the corpus of insurance legislation. The wider framework of insurance law and Central Bank regulations allows for appropriate sanctions that can be applied to companies that do not meet their solvency requirements. I do not have the specific details to hand but I can forward...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Yes, I am.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The regulatory regime has improved significantly also. It was very difficult to get anyone interested in buying the Quinn group. When it came down to the wire, only two companies had any interest in purchasing it. I understand from Anglo Irish Bank that it was a difficult negotiation. Liberty Mutual will take over the complete Republic of Ireland book, both assets and liabilities. It will...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Deputy Doherty returned to what he regards as the inadequate manner in which the legislation is being handled. I explained the constraints placed on me in ensuring that we had the law enacted in time for a High Court appearance by the administrator on 4 October. However, there has been a great deal of hypocrisy. The Government side of the House is not alone in its responsibility for what...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: An hour remained for Second Stage when we voted. I initiated this Bill in the Seanad so that this House would have time to table amendments. All Stages were taken in the Seanad on 15 September. If Deputy Doherty or anyone else wanted to table Committee Stage amendments, there were 13 days in which to consider them. That there is not a single amendment from anyone on today's Order Paper is...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The Deputy had a fortnight to consider amendments had he wanted to table any.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The lady doth protest too much. He had a fortnight to file amendments had he desired. We have discussed Dáil and Seanad reform. Only one Opposition Member was in the Seanad when I took all Stages of the Bill. Deputy Michael McGrath's Fianna Fáil colleague in the Seanad handled everything. No one else from the Opposition appeared.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Deputy Doherty should not take it all so personally. To enter this House-----

Written Answers — Tax Code: Tax Code (27 Sep 2011)

Michael Noonan: Circular 43/2006 issued by my Department advised Government Departments and other public sector bodies concerned with awarding public sector contracts of the procedures relating to tax clearance. In the case of sub-contractors on any public sector contract of a value of €10,000 (inclusive of VAT) or more, the contracting authority should, when advertising the main contract, state that it...

Written Answers — Tax Code: Tax Code (27 Sep 2011)

Michael Noonan: The Income Levy was collected by the Revenue Commissioners as a component of Income Tax. I am informed by the Revenue Commissioners that it is estimated that €1,446 million was collected from the Income Levy in the calendar year 2010. However, as is normal, it would have been expected that the total Income Levy liability for the income tax year 2010 would be higher at €1,710 million and...

Written Answers — Tax Code: Tax Code (27 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 10%, based on the expected outturn in 2011, could be in the region of €110 million, assuming no change in the existing thresholds. The additional full year yield from existing taxpayers from reducing the existing thresholds by 25% and applying...