Results 5,241-5,260 of 6,295 for speaker:Michael D'Arcy
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I am here to answer these questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: All of the what?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Let me outline again that we have recently conducted a mystery shopper exercise between the Department and Insurance Ireland. Both entities had a mystery shopper exercise for vehicles over ten years of age. The variation in the market was enormous - the premium doubled between the lowest and the highest. I cannot instruct each individual company how to have their pricing structure based...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: My message to people, absolutely, is to shop around more. The Department of Finance and Insurance Ireland have just concluded a mystery shopper exercise and the variations were double between the premium offered for similar vehicles. That is a matter for insurance companies themselves with different pricing models with different target market areas.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I am not just saying to shop around. We have implemented 62 of the 78 recommendations. That is why the figure is down 23%. The Senator and her colleague do not seem to want to engage and seem to be more taken up with the 23%-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The next big issues are the national claims information database, the judicial council and the recalibration of the book of quantum. That is where I would hope we will reduce the figure further. Unless I get co-operation between both Houses, to get these pieces of legislation through as quickly as possible, then we might get stuck at 23%, I do not know.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Which legislation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Yes. The national claims legislation has gone through Second Stage in the Dáil. The Judicial Council Bill is in the Seanad and is stuck behind the Judicial Appointments Commission Bill, where there has been 41 hours of a filibuster. I do not agree with guillotining but if we get stuck behind legislation, there is a cost. The cost on this occasion in the Seanad of which Senator Walsh...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Can I also make the point that in the Dáil there has been a filibuster on other legislation? We have only so much Government time available. That is why I am asking, very openly and clearly, if any Opposition party members or Independents want to make time available to get this crucial legislation through, I will take it. We are ready to go.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: If it is verified.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The agreement is that it has to be verifiable. If one had insurance in another jurisdiction, it should not be that difficult to get that information and have it provided from that jurisdiction.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: They should because the protocol has been agreed between Insurance Ireland and the Department of Finance. The insurance companies are part of Insurance Ireland.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: It should be happening.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Then it is a matter for somebody to perhaps go to a different insurance company with their verifiable information.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: One must always shop around, Senator.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The problem is that the Senator expects me to be able to direct a company to insure individuals. I do not have that authority. No Minister in any jurisdiction in the European Union has that authority. That does not seem to have been computed by the Senator's side of the House.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: As we do and we have implemented a protocol so that if it is verifiable, the insurance companies should take it into consideration.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Of course it means something. I can outline again-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: When I commenced this job I received a great number of representations from returning immigrants who could not get insurance or quotes. Since the protocol was agreed between Insurance Ireland representing the insurance companies and the Department, I have had very few representations. I do not believe I have had any representations in the past three to six months.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: There have been a number of declined cases, but the number has decreased significantly.