Results 5,921-5,940 of 6,295 for speaker:Michael D'Arcy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 7: In page 4, between lines 9 and 10, to insert the following: “ “life insurance” has the meaning given to it by Regulation 3 of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 8: In page 4, between lines 10 and 11, to insert the following: “ “non-life insurance” has the meaning given to it by Regulation 3 of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 9: In page 4, to delete lines 11 to 13.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 10: In page 4, to delete lines 14 to 16.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 11: In page 4, lines 18 and 19, to delete all words from and including “(1) Except” in line 18 down to and including line 19 and substitute the following: “(1) Except where otherwise provided, each provision of this Act applies to life and non-life contracts of insurance entered into, and variations to such contracts of insurance agreed, between...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: The intention would be that the Act would be commenced as one. That is to be decided by the Minister afterwards.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: My view is sooner rather than later. If the Deputy is asking me if I agree with the three-year period of the insurance companies, I do not.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: This legislation is prospective rather that retrospective. We have asked the Attorney General for clarity on that. We have not got a conclusive position yet but we will have one for Report Stage. Most insurance is for a one-year period. Anything that would lapse prior to enactment of this Bill would lapse without this provision attached to it, but on renewal it would subsequently be live.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I will put it like this. The objective is to improve the interaction between the insured and the insurer and to improve the balance. We are not doing this just to leave it sit on the table. My expectation is that it will be sooner rather than later.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 12: In page 4, to delete lines 20 to 23 and substitute the following: “(2) This Act does not alter or affect any rights or obligations concerning or arising from— (a) a contract of reinsurance, (b) a contract of insurance that falls within class 1(d), 4, 5, 6, 7, 11 or 12 referred to in Schedule 1 to the European Union (Insurance and Reinsurance)...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 13: In page 4, between lines 28 and 29, to insert the following: "Amendment of Schedule 2 to Central Bank Act 1942 3. The Central Bank Act 1942 is amended in Part 1 of Schedule 2 by the insertion of the following: " 47 No. ___ of 2019 Consumer Insurance Contracts Act 2019 Sections 8, 9, 11 and 14 ". This group of amendments...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I am not overly concerned about which direction we go in because both are retained in effect. If we delete the section, the Central Bank has the power to issue the code. Whether it is codified or not, the Central Bank still has the legal authority to do so. Frankly, I am easy with it being deleted or not. What we want to try to do with this is make sure that the first port of call is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I am flexible. I am not concerned, whether it is withdrawn or left, that the effect which both the Deputy and I want is changed. It is a whether or which. In my view, it is overdrafting.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: That is fine. I would be happy to do that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 14: In page 4, between lines 28 and 29, to insert the following: "Amendment of section 60 of Financial Services and Pensions Ombudsman Act 2017 4.Section 60 of the Financial Services and Pensions Ombudsman Act 2017 is amended by the insertion of the following subsections after subsection (4): "(4A) (a) In paragraph (b) and subsections (4B) and (4C) "Act of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 15: In page 4, lines 31 and 32, to delete ", or any other requirements related to, a consumer insurance contract as set out in this Act" and substitute "a contract of insurance or any other requirements related to such a contract contained in this Act".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: This will form part of the legal review being carried out by a specialist legal counsel at the request of the Attorney General. This will be one of the key issues to be examined. I am saying that as of now, we are not amending but, potentially, on Report Stage, because of potential unintended consequences with enactment of this provision, there could be such unforeseen circumstances.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 17: In page 5, line 19, to delete "consumer". Group 5 covers a series of similar technical amendments. The amendments are designed to ensure that "contract of insurance" is the used term and not "consumer contract of insurance", an "insurance contract" or "policy".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 18: In page 5, line 21, after "disclosure" to insert "of a consumer". The purpose of amendment 18 is to change the wording "any duty of disclosure" to "any duty of disclosure of a consumer", as without these words there is a risk it could be construed as also replacing the duties of disclosure of the insurer which could disapply the insurer's duty of disclosure.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 19: In page 5, line 22, to delete "coming into force" and substitute "commencement". Group 7 relates to drafting changes that updates the language used regarding the Act "coming into force" to the "commencement" of the Act. I refer to amendments Nos. 19, 47 and 48.