Results 5,281-5,300 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: Of course it has been impacted. The misapprehension here is that I can instruct insurance companies to do things or ask them to act in a certain way. If they refuse, we can then try to agree a protocol with Insurance Ireland, which only covers 70% of the sector. If the insurance companies say no to that, the only way forward is for the Oireachtas to pass 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: They have not said no.
- 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 have not agreed the protocol, but most companies have agreed to inform the insured person that a potential claim is being made against them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: No, it has not, because I have five other pieces of legislation ahead of this which are much more important.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: We can get caught up with the fact that this has not been done, but it is not the be-all and end-all. The Senator is talking about a very small issue. The Central Bank (National Claims Information Database) Bill 2018 is a big piece of legislation that has to be concluded. We have just passed the Insurance (Amendment) Bill 2018 which, with the help and support of the Senator, passed through...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: In general, it is covered by the consumer protection code. The Senator is raising a small issue.
- 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 absolutely is.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: We have the Central Bank (National Claims Information Database) Bill 2018 to pass. The fraud database has to be completed. We also have the Personal Injuries Assessment Board (Amendment) Bill 2018 and the Judicial Council Bill 2017. Those are the big forthcoming measures we are taking. The Senator is talking about something tiny.
- 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 the Senator believes that that is a big issue, she does not understand what she is talking about.
- 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 Deputy should-----
- 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 big stuff is-----
- 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 national claims information database will analyse settlement channels. Right now the only numbers available to be analysed of which we can be 100% certain are those made available in the courts. That represents approximately 6% of the sector. We have the Personal Injuries Assessment Board, PIAB, figures on top of that, but many of those cases move through PIAB first and then on to the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: That is not what this database is for, no.
- 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 settlement channels used in the sector would be included. The key objective of collecting the data is to improve transparency and to enhance the ability to analyse the relationship between claim costs and the cost of premiums. The data specification outlines the data that are required from firms relating to both premiums and claims, allied to information on the income and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Premiums in general.
- 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 covers the relationship between claims and premiums.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: No, it will be about the relationship between the premium and the claims.
- 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.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: No.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Is the Senator asking when we will be starting?