Results 2,261-2,280 of 4,002 for speaker:Rose Conway Walsh
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: What is the current balance of the ICF?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: When will it be possible to remove the levy? Has Insurance Ireland made a calculation in years?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: It is important that this is done and that Insurance Ireland keeps track of this issue. I am sure actuaries in the insurance industry have worked on a calculation and I would expect Insurance Ireland to have a figure. I also expect the Comptroller and Auditor General to play a key role in this matter. Irrespective of what we in this committee may say or what scrutiny takes place, it will...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: I will conclude at this point because I am afraid I will become even more irate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: While Mr. Thompson can argue that premiums a function of claims, they are also a function of greed, bad business practices, losses in the industry and reckless business decisions. They are the function of many factors, not only claims.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: Yes, but they are not the only one and it would be wrong to argue otherwise.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: As each of those elements is removed, we need to see this reflected in the costs.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: While I completely understand Dr. Jackson's point, I was referring to the insurance industry in general rather than individual insurance companies.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: I, too, thank Mr. Cross for his opening statement. In Mr. Cross's opinion, what difference will this legislation make to insurance policyholders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: We, too, very much welcome that this will bring an element of certainty to the industry. Has the Central Bank assessed how this might be reflected in terms of a reduction in premiums?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: Is there a possibility that as a result of this insurance costs could actually increase rather than decrease?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: If I understand Mr. Cross correctly, he is saying that there is a real possibility that insurance premiums may increase rather decrease? We have been told for so long by the insurance industry that the uncertainty in terms of Setanta and so on is one of the substantial drivers of the cost of motor insurance premiums. Is Mr. Cross now telling us that following on from what is provided for in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: I completely understand that. I cannot understand how there would be a disconnect between the two. To me, they are directly connected. There is the levy put on the insurance companies. However, that big chunk of uncertainty has been taken out, which we were told all along was one of the drivers. There was an expectation that once Setanta was dealt with, it would reduce insurance premiums...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: I understand the different models.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: However, I am concerned that, even with all of this work, there could be even a chance that insurance premiums could go up rather than down. For example, my motor insurance premium went up 20% this year while none of the elements of the coverage changed. Will the delegation give me an assurance that it will not go up another 20% next year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: If more money is available in the insurance industry, then that should automatically lead to a reduction in premiums. How will the Central Bank ensure we get the result we need?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: What form will that monitoring take?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: Does this mean that the insurance compensation fund, ICF, will be brought under the scrutiny of the Comptroller and Auditor General?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: How much is in the ICF?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)
Rose Conway Walsh: Insurance Ireland was only €70 million out. What is €70 million to the insurance industry? Mr. Cross said the Central Bank will have to get resources from the Government to do this work. How much will that cost? Has the Central Bank had discussions with the Government on this? Has it given the Central Bank a commitment in this regard?