Results 7,121-7,140 of 15,555 for speaker:Eoghan Murphy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I want to make sure that all of the industry is moving together to make this reform so it is on a legislative basis and cannot be changed unilaterally by one company or by them all. This is the process we are following, with the Central Bank leading on this work.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: The timelines are dictated by the process that must be observed when changing legislation in this area.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Speaking to the better relationship we now have with the insurance companies, and in light of the recent agreement we have reached on the competition framework - which is a positive for them and for customers - I will of course put the Senator's suggestion to the industry. I will report back on what its answer is.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Recommendation No. 7 speaks to the declined cases agreement. Action No. 15 under that recommendation is on track. Insurance Ireland has made the necessary alterations to its website to provide more prominent information on the declined cases agreement on its homepage so people know it is there and can access the facility. As for what has actually been happening, there is still some opacity...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: If they go to the website they can find the appropriate email or phone number to call to go into that process. It is not operated by the Government but it is there for them to access. If the Senator is aware of a few particular cases, the Department is happy to pass people on to the relevant person in order that they can access the system.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I will give Senator Conway-Walsh an update on where we are with this recommendation, which is recommendation No. 26. This requires An Garda Síochána to determine, before the end of the second quarter of this year, whether there is a mechanism for further co-operation with the insurance industry around fraud investigation. This is being done with the agreement of the Garda...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: What I propose in the report is that an investigation take place as to whether it is possible and should be pursued. That is what we are looking at.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I understand that. As I said to Deputy Pearse Doherty in a previous engagement, this is something we will have to debate and examine very carefully. If it is to be proceeded with, it will not be a decision made here in committee. It will be a decision for the Minister for Justice and Equality. I anticipate that some people will be uncomfortable with this but I note that it has worked in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I understand the concerns. If this becomes a proposal, it will absolutely need to be debated in full by the Dáil and Seanad.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Officials in the Department have been discussing this with the liquidator as have the State Claims Agency and the office of the accountant of the High Court. In so far as the Senator's recommendation to the Chairman is concerned, I am not sure if that is possible but it could be helpful.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Off the top of my head, I am not sure he will be able to appear.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Is this the premium in terms of what the customer pays when he or she buys motor insurance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Whether an insurance entity itself was disaggregating out the amount it was reserving based on the different uncertainties it saw in the market, I do not know. They may not have. They may have calculated a reserve amount based on a number of uncertainties but they may not have disaggregated out how much of that reserve was because of Setanta. When they then had a premium for the customer,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: The Central Bank cannot intervene when it comes to pricing. In terms of reporting requirements and what the insurance companies - entities - report to the Central Bank, I would not be across the detail of that or the conversations they will have with it. However, we are in ongoing discussions with the industry as to what Setanta means. While I have discussed this at a high level with one...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: That is a good question. There are five entities which have applied for authorisation to operate out of Ireland. My understanding is that two of them are coming in to access the Irish market and three are Brexit-related applications seeking to do European business from here. There are another 15 companies which are looking at Ireland. The Central Bank published information on increased...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Yes but most of us deal with eight or nine companies. What we are seeing, however, is an increase in applications to do business and a couple of companies, as I was told yesterday, operating through brokers. There is more competition.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I do not want to say that is a rock-solid figure but it is a positive indication that competition is increasing in the market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Off the top of my head, I think it is the middle of next year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I said earlier that ten meetings have already been held with regard to the initial data sets that are being built. Progress has been made on the legislation and specifically the heads of the Bill that must be introduced, as this must be on a legislative footing. When the Chairman published the committee's report, it was all about data, lack of transparency and needing to bring data to a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: None.