Results 221-240 of 4,707 for speaker:Neale Richmond

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Absolutely. As I laid out at the outset, much of this could be done by statutory instrument but we need primary legislation to achieve the full totality of the transposition.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: If I may come back to some of the points that Deputy Doherty raised on the statistics, I take his point. I used the CSO last week on Second Stage with regard to the points the Deputy made directly. However, the NCID statistics are the most pertinent and they show a clear reduction. I completely agree with the Deputy. With regard to the questions he said he would put to the insurance...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: In short, there is no concern. I will go into a little detail which might provide the information and the differences regarding the levy and the host-based and home based-systems, because we believe this change should allow sufficient flexibility for the Minister to introduce regulations requiring insurers writing risks outside the State to contribute to those financing arrangements, whether...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: There are not. It is expected that the existing levies will be more than adequate to cover this.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: The ICF levy, to be clear, is a 2% levy and will then go down to 1%. We believe that one to be in the region of €135 million. When it reaches €150 million, it will reduce to 1%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Yes, roughly. I cannot give the Deputy the specific details but it is in that ballpark. It will be another two years before we expect the other levy to run out.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: That levy is at 2%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Potentially.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: It is at 1% already.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: It is not greater. There is a marginal reduction in exposure with everything else.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: In a cross-border context where the relevant claim relates to an insurance undertaking that is authorised in another member state, the Irish compensation body, the MIBI, has the right to be reimbursed for the relevant compensation by its counterpart in the home member state of the insolvent firm. In practice, that means that if the insurer provides cross-border insurance services, the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: In terms of how the MIBI operates as it is on a domestic basis, it is that comparison.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I want to be clear on the detail. The Deputy is correct on a legislative basis but referring to stakeholders on a practical basis, it will be done in a less convoluted manner, so the aim is that it will go straight to the MIBI. This requires engagement with stakeholders, including the Central Bank, to make sure that can be done efficiently and ultimately to get the payments made as quickly...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Under the legislation, the relevant stakeholders are required to co-operate with each other in the context of the performance to make sure it does so. It is a requirement, not an aspiration. It is not a "shall". It seeks to ensure the efficient and effective handling of the claims.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: It relates to the existing legislation. I will ask Mr. Ó Collatáin to give clarity on this.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I move amendment No. 2: In page 18, line 19, to delete "section 3A" and substitute "sections 3A and 3K". I have discussed these. As I have said, they are technical.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I thank the Deputy. I appreciated his raising of the matter on Second Stage. In short, the answer is "No", but I want to give the Deputy the detail on why. The reports produced by the State Claims Agency under section 16 will relate to specific claims that have been audited. It would be inappropriate to lay reports of such granular detail before the Oireachtas. There are also concerns...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: As I said, the audits will be of individual cases and will go into such detail that it will be very hard to publish anything that is not commercially sensitive or, indeed, that will not lead to piecing together that would make sources identifiable.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I suppose there would be a secondary report because section 18, as the Deputy knows, provides for the preparation of a report following the occurrence of an insolvency event to assess how the governance processes we are talking about under sections 16, 17 and 18 operate in the context of such an event. The purpose of this report is to allow the Minister to identify any potential enhancements...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I take the Deputy's point on the need for transparency and oversight, and that is why there is in the wider legislation an allowance for an ex ante check to be carried out by the State Claims Agency based on a material threshold, which the Deputy will probably raise in respect of the next section. Furthermore, an ex post audit will be carried out and a statement of the amounts of...