Results 5,401-5,420 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: Former Justice Nicholas Kearns's analysis was that average compensation for whiplash in Ireland is 4.4 times that in Britain. The Department's analysis indicates compensation in Ireland ranges between three and 5.5 times that in Britain. Last week the PIAB analysis said that awards in Ireland are five times those in Britain. If somebody is getting the equivalent of €5,000 in the UK,...

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 have to disagree with that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: Insurance Ireland and the Department of Finance did not take single cases in respect of the ten year old cars and the mystery shopper. All eight companies were asked and the gap between the lowest and the highest was double the amount. This was an exercise that was done in the past month by the two bodies.

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 was on the motor insurance quotes by insurance companies for ten year old cars.

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: What does the Chairman mean by "the rest of them"? Does he refer to non-motor insurance?

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 have been doing the job for 16 or 17 months now. It is the level of award which drives costs.

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 is average.

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. Insurance Ireland is a lobby interest group for insurance companies. My role as Minister with responsibility for insurance is to highlight areas where there are difficulties and that is what I am doing. The insurance sector used to keep information hidden and information was only obtained by dragging it out of the people who held it but, with the implementation of the national 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: It is almost 20 years since 2001.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: Insurance Companies deploy capital and capital is very fleet. If a sector in industry is doing poorly, whether it be agriculture, marts or taxis, and the capital required to underwrite it is loss-making, the holders of that capital will decide to close the book and leave. That is part of the problem we have. For a period of time, the level of awards was so high in this country that 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: Everything we are doing is to reduce premia. A total of 62 out of 78 recommendations have been concluded although some will not be concluded because, upon analysis, they will be too expensive or will not produce the effect for which we had hoped and anticipated. The 22% reduction is welcome and we want to reduce it further and move into other sectors. We are getting to the big stuff now...

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 acknowledge that and I also acknowledge the help of finance spokespersons with the Insurance (Amendment) Act. Those are the examples of the Oireachtas being helpful. However, I am highlighting that we are in a queue to get into the Dáil and Seanad for other legislation. Filibuster has an effect as other legislation gets shoved backwards.

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: In this year's budget, the Minister, Deputy Donohoe, extended the 0% benefit-in-kind rate for electric vehicles to the end of 2021. Having regard to the value for money and tax equity considerations, the Minister announced a cap of €50,000 on the original market value of the vehicle that can be fully relieved from benefit-in-kind. It was noted that this cap received full support on...

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: I do not believe we will accept anything further than what we have amended the Bill with on Report Stage.

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: We have come a long way to try to accommodate the feeling of individuals from Committee Stage. I simply do not see it. It is unfortunate that sometimes on some occasions individuals get caught, but I do not see the flexibility at this stage within what we have presented.

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: Another issue will flow from it. Potentially the question is whether it is one, five or 50 and I simply do not know how many people will be able to present and say they had a verbal contract with the supplier for 1 January. We have come as far as we can and I do not consider that it will go any further.

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: Deputy Burton highlighted the financial services sector. To provide some context, not all financial services jobs are on the riverside and in the docklands. About one third of all jobs in the sector are in companies outside County Dublin, including some large employers. For example, Northern Trust in Limerick employs 1,400 staff, Pramerica in Letterkenny has more than 1,000 staff, State...

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: When senior executives are attracted here, others in less senior positions follow. Once this occurs, jobs follow and the special assignee relief programme, SARP, is playing an important role in that regard. The scheme will be analysed in 2019.

Finance Bill 2018: Report Stage (20 Nov 2018)

Michael D'Arcy: I did not say that.