Results 101-120 of 1,683 for speaker:Derek McDowell

Seanad: Order of Business. (4 Feb 2003)

Derek McDowell: In relation to the intervention of Fine Gael in the Connacht rugby affair, I have never doubted the affinity and deep knowledge of members of that party, particularly Senator Brian Hayes, in relation to garrison games and related issues. The class base of rugby in Ireland is an issue that needs to be discussed, but the fact that the game is becoming more popular in Connacht is helpful and...

Seanad: Order of Business. (4 Feb 2003)

Derek McDowell: One will travel far and wide before finding a Christian Brothers school where rugby is played. That is the bottom line. I was interested to see the coverage in recent days of the Kyoto Protocol, which is about to enter into force following its ratification by the Russian Federation. It seems to have suddenly struck the Government that this is a very serious issue that could have serious...

Seanad: Order of Business. (4 Feb 2003)

Derek McDowell: I welcome the fact that the base is being broadened to combat the privilege which has always been part of the game.

Seanad: Order of Business. (4 Feb 2003)

Derek McDowell: I am asking for a debate on Kyoto, not one which deals with waste management.

Seanad: Order of Business. (4 Feb 2003)

Derek McDowell: No, it is—

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

Derek McDowell: The IFA has been bought off.

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

Derek McDowell: The Government has accepted the principle of paying more than current use value.

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

Derek McDowell: I join other Senators in welcoming the thrust of the Bill. It is designed to do two separate but complementary things. The first is to inform policyholders or potential claimants that they may have a life assurance policy that has not been claimed and the second is to set up a mechanism for the transfer and disbursement of funds. In terms of the latter, the balance is about right, although I...

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

Derek McDowell: How does that sit with the notion that it is in the companies' interests to contact policyholders? If they have the use of money for up to 15 years and they are not obliged to pay interest on it, why is it in their interests to contact policyholders before the 15 years have expired?

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

Derek McDowell: I am asking about the 15 year period.

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

Derek McDowell: It is usually a flat amount.

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

Derek McDowell: A policy worth €20,000 would be of greater value to a policyholder now than in 15 years time. It is not in an insurance company's interest to tell him or her that.

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

Derek McDowell: This amendment is important, even if it might seem obscure on first reading. The Bill provides for a statutory requirement that only one notice be given, irrespective of the number of policies held. As I said on Second Stage, there should be a requirement on assurance companies to provide a notice at least once each year during the five years or until such time as the legislation comes into...

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

Derek McDowell: I did not appreciate that this was the case. Perhaps we can tease it out further. Is the Minister of State saying that if, on maturity, €20,000 might be payable, it is the practice of insurance companies that, if the money is not claimed for the five years afterwards, to apply non-contractual interest? What rate of interest would apply and what is the normal practice?

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

Derek McDowell: Once the money has been handed over and subsequently claimed, for example, five years later, is it the intention to continue to pay interest for the five years it has been in the fund or will the undertaking insurance company have to pay over that money?

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

Derek McDowell: My real difficulty is that the Minister of State spoke of the comprehensive provision for notifying people of the existence of a policy. However, it is not comprehensive; it is specifically on a once and once only basis after five or 15 years. It is not a huge administrative burden to place on insurance companies to require them to write or, in deference to Senator Quinn, communicate once a...

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

Derek McDowell: Will the Minister of State say what that means? I am not being difficult, but I genuinely do not understand what "administering the policy" means.

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

Derek McDowell: They are not contacting the owner of the policy.

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

Derek McDowell: The companies will write once and once only. That is the only obligation in the Bill.

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

Derek McDowell: I do not see where this cost factor arises. What does administering the policy actually amount to when the policy has matured, they have calculated whatever non-contractual interest they are going to pay and have transferred the money into the fund? It may appear on somebody's computer somewhere but that is surely the end of it. I cannot see how it would be a huge burden on the assurance...