Results 41-60 of 1,150 for speaker:Frank Fahey

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Let us be practical.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The people who are not receiving the communication under the current regime of notification would certainly not receive it as a result of the proposal put forward by Senator Quinn.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The information is on several Government websites.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The information will be on several Government websites.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Senator makes a fair point in that it is possible that the children or grandchildren of people overseas, for example in the United States, may wish to find further information. The natural place to seek such information would be a departmental website or a bank or insurance website. I am informed by my officials that a significant number of inquiries about this scheme and the dormant...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: What does the Senator want to appear on the website which does not appear on other websites?

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: If that is all the Senator requires, that is already on the websites. I thought he wanted further details of lists of names, as Senator Henry suggested.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: It is set out in the various newspapers and—

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The information will be on the various Government websites.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Yes. I referred to Irish Insurance Federation websites. It has been clarified that the insurance companies are happy to put the information on their websites. The Department's website is already receiving questions on the matter. In respect of the prescribed information, that will be general information about the insurance companies involved, who to contact and general details about the...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: It would probably not be possible for the undertakings to publish on the day of the public notice the number of unclaimed policies they hold. Section 9(1) does not require the companies to have identified all unclaimed policies by that date. Each company will merely have to establish by that date, usually the first weekday in October in each year, that it holds at least one such policy. If...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The problem is that companies may not be in a position to be accurate about the number of unclaimed policies they hold on the date in question. If they gave out the wrong number of policies it would create serious difficulties. If, at a later stage, companies want to indicate the numbers of policies they have that is fine. However, inserting a provision into the Bill that they must state the...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Within a few years?

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Minister for Finance has already stated that if such a database was properly constructed and managed, this might further assist members of the public in tracing dormant moneys. However, there are, as I said earlier, legal complexities and obstacles to be surmounted in order to proceed with the proposal and, accordingly, it is not a matter that can be countenanced in the current Bill....

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Department is taking the matter seriously and has referred it to the Attorney General. I assure the Senator that it is being actively looked at by the Department. I do not quite understand Senator McDowell's point. It is a complex issue and there are other negative aspects in relation to a central database, such as the possibility of fraud and so on. It is a complex issue which has to be...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: There is an issue, as I said earlier, of a person's right to confidentiality.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: A central database could lend itself more easily to fraudulent practices. The main issues to be considered are the insurance companies' duty of confidentiality to their customers, the issue of non-correspondence accounts and policies, the Data Protection Act and, mainly, the constitutional right to privacy. Amendment, by leave, withdrawn. Question proposed: "That section 9 stand part of the Bill."

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: One could gain considerable publicity from today's debate. There already has been a publicity campaign and further campaigns are planned.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: No better man. Question put and agreed to. Sections 10 and 11 agreed to. Amendments Nos. 7 to 9, inclusive, not moved. Sections 12 and 13 agreed to.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Section 15 of the Bill provides that the moneys to be paid to a valid claimant are to be net of any charges or deductions that may be made by the insurance undertaking, in other words, the charges that comply with the normal legal practice for insurance undertakings in these circumstances. As such, these charges and deductions take account of taxes and administrative charges which the...