Results 4,981-5,000 of 6,295 for speaker:Michael D'Arcy

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: I have no knowledge that there is any difference between this bundle of unsettled claims and any other. Unfortunately, under the Irish insurance structure, some claims continue for a very long period. There is a belief the longer they take to conclude, the more money that can accrue. That is often said to be the case, but I do not know whether it is. We are dealing with what is in front...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: The State Claims Agency has to lodge it in the High Court.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: No, 100% will come from the insurance compensation fund.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Always. The money will then be recovered from the motor insurers insolvency compensation fund.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: The main objective of the new motor insurers insolvency compensation fund which is to be established by the MIBI is to ensure the 35% contribution will be covered by the industry. It will be a private industry, rather than a State, fund. Therefore, how the fund is held and managed will be a matter for the MIBI and the insurance industry. In terms of accountability, the Bill provides for...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: And the MIBI.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: As with the MIBI fund, we are talking about large quantities of money that will be collected from the industry. We are satisfied that this has been done in the past and that it will be done in the future. It will be certified by an auditor. We are comfortable that this is the right way to deal with it. If we are not comfortable with it in certain circumstances, it can certainly be looked...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: I will deal with the last point first. There is not such a set of rules. Insurance, being the business it is, has capital amounts underwriting business and cash coming in to try to ensure there are sufficient cash reserves to settle claims. As sure as there are insurance companies, there will be insurance company failures. I would not say we have been quarrelling over how exactly to put...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I thank Deputy Michael McGrath for bringing forward the Bill, which will ensure that owners of loan books will have to be authorised and regulated by the Central Bank of Ireland. I am representing the Minister for Finance, Deputy Donohoe, who is at ECOFIN today. This is an important piece of legislation and we need to be careful that it does not have unintended consequences. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I accept there is a lot there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: The main reason for regulating as credit servicing firms is that the new EU rules on credit servicing are being developed and we do not want to deviate too far from this development where there is interaction between the Commission, the ECB and the Central Bank of Ireland. That is why it is a good opportunity for us to have Committee Stage now. We can see how potentially they will impact...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I will meet officials from the Central Bank during the summer on this matter. I am not sure we will be able to get agreement with them on this. That is where it is.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: Sure.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: May I suggest that we go into private session and allow the official to speak on the matter?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: On the Deputy's last question, the holder is the regulated entity. Subsection (2) means that there is no confusion as to where the buck stops. Under this legislation, the buck will stop with the owner of the debt or fund, not the administrators or the agents on behalf of the fund. In the debate we are having on whether it is a retail credit firm level of regulation or the credit...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: The point I was making to Deputy Pearse Doherty was that I am sure there would be a challenge if we applied the retail credit firm level of regulation to a firm that does not provide credit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: Yes.