Results 5,961-5,980 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 will speak on the section first before responding on Deputy Pearse Doherty's point. I propose to delete the whole of the section as it is considered superfluous due to the provisions of the consumer protection code, the Life Assurance (Provision of Information) Regulations 2001 and the Non-Life (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007. In advance of...

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

Michael D'Arcy: However, before introducing such an amendment on Report Stage, prior consultation would be required with the Central Bank and industry, as would appropriate legislative scrutiny.

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

Michael D'Arcy: Instead of five years, we will provide for three years of claims.

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

Michael D'Arcy: For claims and premiums.

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

Michael D'Arcy: I may not have grasped this correctly or I may be looking at the wrong amendment. This is amendment No. 30 which reads: “(6) The Central Bank shall report on the addition of public liability insurance to the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018 within one month of the passing of this Act.”. The Deputy is...

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 the case for the time being but we will start collecting date on employer's liability and public liability insurance in 2020. We hope to have the motor insurance information at the end of quarter three or start of quarter four but by the end of quarter four at the latest. We thought it appropriate to start with motor insurance information, get established and have this done...

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 get the Deputy a note from the cost of insurance working group on the final option we are examining. There has been a major and legitimate effort to try to do this. I am not sure that we will be able to do it. I am being very frank with the Deputy. We will provide a note to the committee-----

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

Michael D'Arcy: -----and the Deputy can have a look at it. A great deal of work has gone into this to try to get it over the line.

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. 31: In page 9, line 37, to delete all words from and including “(1) Where” and in page 10, to delete lines 1 and 2 and substitute the following: “(1) Where, in accordance with the contract, an insurer notifies a consumer that the insurer is cancelling a contract of insurance, the insurer shall repay to the consumer the balance of the premium for...

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. 32: In page 10, to delete lines 3 to 5.

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. 33: In page 10, line 17, to delete “in writing” and substitute “on paper or on another durable medium”.

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. 34: In page 10, line 18, to delete “in writing” and substitute “on paper or on another durable medium”.

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. 35: In page 10, line 22, to delete “in writing” and substitute “on paper or on another durable medium”.

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. 36: In page 10, line 31, to delete “cure” and substitute “remedy”.

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. 37: In page 10, line 33, to delete “15 days” and substitute “20 days”. This amendment would change the period from 15 days to 20 days. This will be helpful. It is effectively a working month, five working days per week. This will allow consumers an extra week in which to shop around, if they see fit.

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

Michael D'Arcy: A provision of 15 days is three working weeks. We added an extra week of notice, which is an extra third. Doubling the 15 days to 30 days allows more time than is necessary. If given 30 days, most people will probably start shopping around late in the period anyway.

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

Michael D'Arcy: Yes. The intention is that it be read as working days. It should be noted that the Central Bank recently amended the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007, following a recommendation of the motor report. The timeframe will be 20 days from 1 November 2019. These are 20 working days, which is a month.

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

Michael D'Arcy: It is in secondary legislation.

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

Michael D'Arcy: We can clarify 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 do not know the answer to that question. I will find out and we can review it on Report Stage.