Results 5,781-5,800 of 6,295 for speaker:Michael D'Arcy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: It will not.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: We want to ensure that we get the first year's information correlated correctly and appropriately. The information will be collated and we want to move into public liability at that stage. Public liability and employer's liability insurance is more difficult than motor insurance. I have highlighted that from day one. It is much more diverse, there are many more sectors and much more work...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: It is.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: We all accept that this is the right course of action. We must rely on the Judiciary, in line with the Personal Injuries Commission, PIC, report which stated that the Court of Appeal decisions and precedents that are in place must be considered by the committee within the judicial council. It must have regard for the levels of those awards and the levels of awards in England and Wales where...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: Not a single one of us, in either House, is doing that or wants that done. The Deputy asked me to get a commitment from the insurance companies but I will probably not be able to get a commitment from those companies in writing. However, I will keep a flashlight in the their faces. The Minister has spoken about the profiteering of insurance companies and none of us wants that. We want the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: I have not been shy in being tough with insurance companies from the moment I came to the job. That will not change. I am here to protect the consumer and not the insurance companies. That is true of everybody in the Oireachtas.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: I refer to the Alliance for Insurance Reform figures. The only insurance one is legally obliged to have is motor insurance. Motor insurance was where the cost of insurance working group started. There has been a 24.5% reduction from the peak in 2016 in that sector. The 2016 increase figure of 69% was from a very low base arising from a price war that turned out to be a catastrophe for the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: I would be surprised even if a quarter of respondents were from the motor sector.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: People say the Government should do more or the Government has not done enough, but it is not the regulator of the sector. The Central Bank of Ireland regulates it. I was at a meeting recently to speak about insurance and I explained the Judicial Council Bill. A woman responded and said that we should tell the judges what to do now that we have a panel of seven. We do not have the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: The date I have is that I pushed for the end of the third quarter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: Yes, in terms of the motor NCID. I cannot guarantee that. It is a stretch for it to be ready by the end of the third quarter, but it has told me for certain that it will be available in 2019.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: It will be management expenses, other expenses including the nature of the components, settlement channels, commission written and earned, investment income and income of other nature.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: Yes, an industry basis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: That is correct.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: It is not taking quite some time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: To be fair to the Central Bank, it had started the work before the legislation was finished. It was ready to go. I have complimented Members of both Houses for the flexibility they have shown on the NCID at the end of the winter session last year and on the Insurance (Amendment) Bill this time last year with regard to their flexibility and the speed with which they were prepared to bring...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: It is motor insurance only initially.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: It will move to that sector after the first year's motor information is made available.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group: Minister of State at the Department of Finance (13 Jun 2019)

Michael D'Arcy: I cannot give a commitment on it yet.