Results 17,601-17,620 of 27,945 for speaker:Michael McGrath
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: That is my reading of it. I am trying to understand the rationale. Currently, they are treated equally - a limit applies, but they are equal - and under this legislation, there will a distinction between the first-party claim and a third-party claim.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: It is not changing.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: That is what I am asking. A difference is being introduced now. I am asking why.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: This is Committee Stage so we must tease out these details. Will the Minister of State clarify that this distinction does not apply to the outstanding Setanta claims?
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: Okay.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: This gets back to the kernel of the issue for Setanta. It is the question of when. Will the Minister of State clarify that there is no limit as to the number of claims and the financial quantum of such claims that can be dealt with fully in the next cycle of ICF payouts, which under this legislation will be every three months? Therefore, provided the terms of the claim are agreed and...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: It will be paid within three months of the enactment of the legislation.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: I wish to clarify my understanding of what the Minister of State has said. Where the settlement amount is agreed, irrespective of whether the 65% payout has been made, all the money due, whether it is the remaining 35% or the 100%, will be paid within three months, that is, the first tranche following the enactment of the legislation. Does the Minister of State anticipate that all of the...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: That will happen in the first tranche following enactment of the legislation.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: I know from answers to parliamentary questions - the Minister of State has just outlined some of this - that there are 645 claimants whose personal injuries claims have not yet been settled, for various reasons. A further 223 claimants have not yet had their damage-only claims settled. Is the Minister of State aware of any reason so many claims remain unsettled? Is there any reason that is...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: I am getting a lot of my queries out of the way. They are relevant to this section. The message for claimants involved in the Setanta issue is to try to reach a settlement and agree on what the amount of compensation for a personal injury or damage to property is to be. If agreement is reached, it will have to go through a process involving the State Claims Agency for verification before...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: The message for those caught up in it is that they should do everything possible to reach an agreed sum.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: The Government has given a commitment that they will then be included in the first possible tranche. I would like to mention the related issue of the flow of money. Is there any distinction between dealing with the Setanta cases and others that might arise down the line? In the Setanta cases, all of the money - 100% of an individual claim - will come straight out of the insurance...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: In the future, will 65% of the money come from the insurance compensation fund, with the remaining 35% coming from the new insolvency fund? Will the flow of money by way of transaction be any different? Will the Minister of State clarify the matter for me?
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: Always.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: Okay.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: This section gives statutory effect to the motor insurers insolvency compensation fund which is a key element of the Bill. It is to be administered by the Motor Insurers Bureau of Ireland, MIBI. It has been described as an ex antefund. It is intended that it will be built up in advance of a failure of an insurance firm, something we hope will never affect Irish consumers again. Will the...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: Therefore, it is to be administered by the industry.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: We are providing statutory recognition for the fund through this legislation. The Minister of the day will be able to look for information on the balance within the fund at any point and the MIBI will be compelled to provide that information on request. Is the Minister of State satisfied with the oversight provisions from the perspective of the State? It will be important for the...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael McGrath: Does the Minister of State intend to bring forward amendments in the Seanad next week? Does he intend to complete the passage of the Bill through both Houses next week in order that it can be signed into law by the President without further delay? I thank the Minister of State for his personal interest in this issue. I have been on his case about Setanta and the need to put in place a...