Results 20,381-20,400 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Is the CCPC's field work complete? Are we talking about files that are at a very advanced stage and on which the CCPC is close to making decisions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: If the CCPC believes that there is sufficient evidence to point to price signalling, what are its options and what are the potential sanctions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Apart from getting a commitment from firms that they will not do this again, what is the ultimate sanction available if the CCPC goes to court?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: No financial fines, no individual accountability, no firm sanctions as such.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Could this investigation lead to a criminal investigation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: What role does the CCPC have in supporting the work of the European Commission in the latter's investigation, which centres on the issue of potential barriers to entry to the Irish market?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: What will the public see of the CCPC's investigation? Will there be a published report in the coming weeks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Who is subject to the investigation? Are certain individual insurance companies?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Are representative bodies such as Insurance Ireland?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: I will turn to Mr. Hassett about the story being run by RTÉ's "Morning Ireland" programme regarding ghost brokers. One of Insurance Ireland's member firms, Aviva Ireland, has spoken about it publicly. What is the industry's experience of that issue and what can Mr. Hassett tell us about it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: As to how it works, the insurance company is paid for the policy but it may be paid for by a stolen card or stolen bank details. As the insurance company is paid, is there a valid insurance policy in place?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: In which case that broker does not pay the company. They just fabricate documentation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: In respect of premium income received by the insurance company, is that refunded to the victim of the crime, the person whose card was stolen or whose account was used to pay the premium falsely?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: The Motor Insurers Bureau of Ireland, MIBI.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: There are two direct victims. One is the consumer who falsely believes he or she has a valid policy but he or she does not. The other victim is the person who has paid for the policy and knows nothing about it. The amount of money involved may not be very significant but where insurance companies are aware of it, is the money refunded?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Mr. Hassett might check that and write to the committee on that point.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: On the question of dual pricing, if I get my motor insurance renewal in the post indicating I will be charged €1,000 next year to continue my cover with that insurance company, and I go on to the company's website presenting as a new customer, and put in all the same information and am quoted €500, that is, €500 less than that the premium renewal I got in the post, is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Does Mr. Hassett accept that practice is widespread in the industry?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: We had all the main insurers in before us and virtually all of them confirmed they do practice dual pricing.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Michael McGrath: Is it not more than using a distinction between new and existing customers? Is it not the case companies use technology to arrive at a conclusion that a customer is very loyal, will not switch or shop around and, therefore, their premium is loaded and they pay much more?