Results 7,501-7,520 of 35,658 for speaker:Pearse Doherty

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Pearse Doherty: How many refugees underpin that figure? Does the Minister know? What is the figure based on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: I thank the Chairman for facilitating me, as sponsor of the Judicial Council (Amendment) Bill 2021, to make opening remarks before I proceed to questioning Mr. Boland of the Alliance for Insurance Reform, who I welcome to the meeting. I also wish to welcome Ms Moyagh Murdock of Insurance Ireland, who will be appearing before the committee later. Before we start, it is important to give my...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: How, after awards falling by 42%, are we seeing increases in insurance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: However insurance companies are supposed to price on the basis of risk. Is this just blatant price gouging given the lack of competition? They know there are competitors out there and businesses are stuck with the businesses that are offered and therefore, regardless of the reduction in rewards, they are simply gouging.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: Mr. Boland talked about the difference between motor insurance and public liability and business insurance and community groups, which are very much struggling. We will not just focus on the competition, which is a major issue that has to be addressed in terms of the new office that is being established and whether it is working or achieving its objectives. However I just want to look first...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: Let us take for example one of the biggest players in the industry, which is Zurich. It is one of the top seven both here and in the UK. When the CEO of Zurich, Mr. Anthony Brennan, came before this committee in October 2019, he made the point that "if we consider motor insurance, roughly 30% of our claims are personal injury-type or soft tissue damage and we are four times the UK average"....

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Pearse Doherty: With respect, I benefited from many of those packages, as did the Minister. We benefit from the Finance (Covid-19 and Miscellaneous Provisions) Bill 2022 that is going through the Houses through reduced VAT, excise measures and the household electricity credit, which took a large portion of the additional money that was provided. We are talking about people who are really vulnerable, trying...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: If we are seeing reductions, although not sufficient in terms of motor insurance, we should have been seeing greater reductions with regard to public liability. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: Mr. Boland raised concerns about the wording of the legislation which is "might reasonably have been expected". He questioned whether this would be open to interpretation and vary from insurer to insurer. That is a fair comment. Is Mr. Boland familiar with the regulations introduced in Britain under which the companies here have to operate in Britain?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: This wording is exactly, word for word, the wording in Britain. We do not unfortunately as an Opposition party have the benefits of the guidance of the Attorney General but this is why we have detailed legislative scrutiny. This is exactly what Zurich, Aviva, Alliance, AXA and all the other companies have to do with regard to their accounting. They have to have it audited for the FCA in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: It is because of its timely nature and the need for this information that this legislation is stronger than the equivalent across the water, which requires these companies to provide one report by 2023. That would leave too much of a time lag and that is why I am looking for an annual report. I will turn to consider the NCID and the information with respect to motor insurance, in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: We will hear from the insurance industry later. There is always a reason premiums will be reduced at a later date. Some of those reasons may be valid but when things are moving in the other direction, there is never a reason to delay it and premiums go up straightaway. We know that insurance is priced on the basis of looking forward. There is a test case relating to the guidelines of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: As somebody who represents a wide spectrum of Irish society, from students to sporting organisations, businesses, community groups and not-for-profit organisations, can Mr. Boland address the seriousness of the premium increase, which is putting pressure on businesses, and the lack of availability of insurance in some sectors? There are some sectors that may be wiped out. We have been...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: To return to the point on the different forms of settlement, Mr. Boland mentioned that direct settlements between the insurance companies and the claimant constituted a large proportion - 50% - of all settlements in the most recent NCID report. Will we get access to that information? Will the NCID collect more data on the extent to which insurance companies are settling directly and when...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: To address the Senator's point, we have tried to remain focused in this legislation. Some of her comments reflect the position taken by the Central Bank on price walking or dual pricing. I complained and brought this to its attention, as did others, including in the media. When we initially wanted to ban this practice, we looked at a dual process. One part involved submitting a complaint...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: I welcome the witnesses to the committee and thank Ms Murdock for her opening statement. It is fair to say the insurance industry does not like my legislation. Let me rephrase that; it does not like the accountability that would come with my legislation. Its argument against the legislation under consideration today is that the Government's Insurance (Miscellaneous Provisions) Bill...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: Ms Murdock has just confirmed that the reason Insurance Ireland does not want my legislation, which provides for accountability, is that the Government's Bill does the same thing. She says there are enhancements under the Insurance (Miscellaneous Provisions) Bill that mandate the Central Bank to collect further data and she has suggested that these data will allow for the same outcome as my...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: Let me be clear. That is exactly what I do not want to do. As long as the data are being collected, I am happy. Insurance Ireland is telling me that this legislation that we are currently dealing with in the House, the Insurance (Miscellaneous Provisions) Bill, already provides for that. I am asking Ms Murdock to point out, and I will hand her the Bill if she wants, which section-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: Let us dig deep into this. Mr. Horan suggests that the Central Bank (National Claims Information Database) Act 2018 gives the Central Bank the power to collect data from insurance companies. I do not contest that. Does it give unlimited powers to collect insurance data or will further legislation need to be enacted to empower the Central Bank to gather further data?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)

Pearse Doherty: The Private Members' Bill we are discussing here would allow the Central Bank to collect the information on, for example, the amount paid by insurance providers during the reporting period in respect of personal injuries sustained by third parties. I am sure it could collect that information at this point. However, could it collect the amount that the insurance provider might reasonably...