Results 21-40 of 1,150 for speaker:Frank Fahey

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Minister for Finance has said this amendment should not be accepted for a number of reasons. In particular, it would place a considerable administrative burden on companies if they had to re-examine each policy to see how much it was then worth to establish whether personal notification was required. There would also be difficulties with unit linked or with-profit policies and the fact...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Section 7(3)(a) and (c) specifically provide that the Minister may make regulations for the purpose of consumer protection and to facilitate policyholders attempting to identify moneys to which they may be entitled. It is clear that the ethos of the provision is primarily to assist the policyholder rather than the insurance undertaking. It does not need this amendment.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: It is not necessary. The aim is to facilitate policyholders; it is not necessary to mention them. Amendment, by leave, withdrawn. Section 7 agreed to. SECTION 8.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: To reassure Senator John Paul Phelan, section 8(1) specifically provides that each holder of an unclaimed policy should be given written notice by the insurance undertaking concerned. This means that if a person has more than one policy, he or she will be given notice for each policy and there will, therefore, be no difficulty. With regard to annual notification as outlined in section 9,...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The market rate.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The money must be paid over. It is provided for in legislation.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: With respect, there is a certain misunderstanding. The minimum requirement is one notification, but it is in the interest of the companies to keep trying to contact policy holders because they are administering the policy and the cost—

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The policy remains as a policy on the company's system so there is a cost factor involved, even though the company cannot reclaim the cost because it must pay over the full amount. Therefore, it is of no benefit to the insurance company.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: There is no benefit to insurance companies to retain policies. Companies would be far better off if the holders came forward to claim their policies. For that reason, we have a stipulation that a notification must issue once a year. If one writes to people once a year to tell them they have a dormant account and they take no notice, I do not suppose writing twice a year will make much difference.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: It is quite clear that the insurance companies have an interest themselves in disposing of those accounts because they are a cost factor to them.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: To clarify further the point about the cost to the insurance companies, they may continue to provide some form of insurance cover, and they certainly would have the administrative costs of holding those records and calculations, despite the fact that the policy has been discontinued. The experience has been that people are coming forward as a result of the public advertisements and so on and...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: There may be life cover.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: They may still continue to have to hold records and hold the policy. They are obliged to continue to hold a policy even though it is dormant, and there are costs associated with that.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: That point will be dealt with in a later amendment. Question put and agreed to. SECTION 9.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: I take the point made by the Senators.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Minister for Finance is convinced, as I am, that the best way to bring the scheme to the attention of the public at large is through the mechanisms provided in the Bill. Again I reiterate the notices will be in the national daily newspapers and they will also be prominently displayed in all public offices of banks, building societies, An Post, life assurance companies, etc. I accept the...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: With all due respect, most of the people involved will not have much concern about e-mail—

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: —or any other form of electronic communication. It would not be possible, even if desirable, for the life assurance companies to notify customers in this way. The Bill merely tries to set down the minimum requirements in terms of notifying customers. In any case the important point made by the Minister for Finance is that the sole responsibility for keeping track of records does not and...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: I have not been commanded by the Minister for Finance not to accept amendments. That is not his style. If electronic media would improve communication with the audience the Senator is trying to reach, there would be a case for reconsidering the matter. This is not, however, the case. The audience in question is more likely to receive the communication through the mechanisms laid down in the...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Consequently, the Senator's demand is not necessary. We also have to strike a balance between the total cost of notifications and the way in which we reach the group of people in question.