Results 15,741-15,760 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Motor Insurance Regulation (23 Nov 2017)

Michael McGrath: 85. To ask the Minister for Finance his plans to publish the actuarial report on the liquidation of a company (detail supplied); the estimate of the number of former policyholders of the company who could be made personally liable for outstanding claims; and if he will make a statement on the matter. [49843/17]

Written Answers — Department of Finance: Motor Insurance Regulation (23 Nov 2017)

Michael McGrath: 86. To ask the Minister for Finance the progress on the motor insurance compensation framework; the progress of legislation to protect policyholders and claimants in the event of a liquidation of a freedom of service insurance company; the extra protections that have been established since the Supreme Court decision on a company (detail supplied); and if he will make a statement on the...

Written Answers — Department of Justice and Equality: Courts Service Data (23 Nov 2017)

Michael McGrath: 134. To ask the Tánaiste and Minister for Justice and Equality the number of cases that have come before the courts against persons for providing false or misleading evidence as part of an insurance claim; the number of convictions for same; and if he will make a statement on the matter. [49816/17]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: I welcome all of the witnesses. It is nearly a Cork takeover this morning, which is great to see. I am delighted to bring the Flood Insurance Bill 2016 to the committee for legislative scrutiny. By way of background, this Bill was introduced in Dáil Éireann in January 2016 and passed Second Stage in late November 2016, which is just over a year ago. Communities all around...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: Thank you, Chairman.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: That is the kiss of death if ever there was one. I will be brief. I thank sincerely our witnesses for the effort they made to be here and for the work they have put into this over a prolonged period. It has to be acknowledged that they have brought the issue centre stage in terms of the political agenda. That in itself is an achievement and now we want to achieve progress and get the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: I welcome the witnesses and thank them for their contributions and opening statements. I will start by addressing Mr. Thompson. I do not know if he saw much of the earlier session that we held with the Irish National Flood Forum and the Cork Business Association. The key question that emerged from that session is one of which Mr. Thompson will be aware. There are towns where the Office...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: Mr. Thompson mentioned in his opening statement that the only reliable baseline data he has is the percentage of policies that have flood cover. Does he have an up-to-date estimate of the percentage of homes in the country that do not have an insurance policy in place?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: So the number of homes or businesses without insurance cover is unknown.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: The 2010 estimate is that one third, 33%, do not have insurance cover but there is no up-to-date figure in that regard. The statistics quoted by Mr. Thompson regarding the percentage of property insurance policies that include flood cover relate to households that have a policy in place. Mr. Thompson also said that in areas where flood schemes have been completed, 83% of property insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: If there is a high excess amount attached to a policy an insurer could claim that the policyholder has flood cover, but it comes at a very high price if the policyholder is taking the hit for the first X thousand of euro in the event of a flood event occurring.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: Perhaps Mr. Thompson would elaborate on geo-coding and how Insurance Ireland members assess the risk profile of individual areas down to street level and so on regarding flood risk.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: Does Mr. Thompson have any data on the number of homes or businesses whose flood cover was withdrawn at the point of policy renewal even in situations where schemes in their areas have been completed by the OPW?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: On demountables, I recall that when the OPW put draft plans on display for the Cork flood relief scheme in the summer of 2014 Insurance Ireland issued an immediate statement to the effect that permanent fixed flood defences built to a standard of one in 100 years as of 1 January 2012 are the minimum that should be implemented if insurance is to be a viable proposition in the areas to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: In his opening statement, Mr. Thompson cited four examples of demountable failures in the UK. Is he aware of any failures in Ireland in relation to OPW schemes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: Is Mr. Thompson confident that through its work with the OPW, Insurance Ireland will reach the point of being able to recognise demountables as of equivalent standard to permanent defences and will treat them equivalently in insurance terms? How close are we to that point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of the Flood Insurance Bill 2016 (23 Nov 2017)

Michael McGrath: I thank Dr. Surminski for her opening statement in which she referenced transparency a number of times. She said there could be a lot of progress regarding transparency and that this might go a long way to resolving the issue. Can Dr. Surminski explain, in practical terms, what needs to be done to achieve what she believes can be achieved? On the principle of flood cover being provided in...

Written Answers — Department of Finance: Pension Provisions (28 Nov 2017)

Michael McGrath: 126. To ask the Minister for Finance the status of an application for approval from the Revenue Commissioners for a legacy pension for a person (details supplied) in County Cork to be transferred in order to allow the setting up of a personal retirement bond. [50476/17]

Written Answers — Department of Finance: Financial Services Regulation (28 Nov 2017)

Michael McGrath: 127. To ask the Minister for Finance if there is an obligation on the financial service provider to inform persons it plans to unveil a new product or enhance an existing product, both of which would be very beneficial to the person concerned in circumstances in which a person is making a significant decision on same; and if he will make a statement on the matter. [50478/17]

Written Answers — Department of Finance: NAMA Property Sales (28 Nov 2017)

Michael McGrath: 128. To ask the Minister for Finance if the sale of the entire National Asset Management Agency, NAMA, development at a location (details supplied) is being conducted in an open market basis with competitive tendering; if not, the reason for not conducting the sale on an open market basis; the amount NAMA has invested in the property to date at this location through development funding or...