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Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Peter Mathews: These are matters of fact. I have no fear whatsoever.

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Peter Mathews: Hear, hear. Well said.

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Peter Mathews: Imagine if we had a plague and qualified Irish-born consultants were working abroad and they said they could only return if they were paid €500,000 to deal with the disease. It would reflect poorly on them as people. I have raised a few thoughts because they will decide how we act in future as a country. We are clearing up an almighty mess and it leaves a very bad taste.

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Peter Mathews: I am very careful always to deal in fact. I hate opinions. My opinions are weak, but the facts are strong and speak for themselves. The auditors then referred the problem because they could not sign off on the accounts. A director of the company, who had been a senior public servant, and who was perhaps on the board for decorative purposes and to add brand strength to the group, resigned...

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Peter Mathews: Insurance is a particular industry and we know from contract law that a contract of insurance is a contract of uberimmae fidae, the utmost good faith. That is the core of the insurance service provided to customers and we must have people who are undoubted in character and who will not be tempted by the cash up-front from premiums without knowing how to reserve for the risks of the policies...

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Peter Mathews: About a year ago. The finance area provides a great temptation to misbehave for people without character. It is also an area where boards can fall asleep on the job and it is the area where regulators fell asleep. What we need now is clear and transparent supervision and inspection. We need a visible system, like that in hotels or restaurants where a sheet of paper goes up on the wall of...