Results 7,481-7,500 of 35,563 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: They are profits.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: It is part of the insurance market. Ms Murdock cannot just say that we should take that away. If my house did not have walls, it would not be a house. It is part of the market.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: The CEO of Zurich might come in here and state: Folks, listen, we have been losing money here. When you reduce awards by 42%, you know what we are going to do? We are going to keep that money to boost our profits because we made a loss in the past. Maybe if you introduce other reforms down the road, we might pass that on to consumers, and probably, by the way, we are going to increase...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Can Ms Murdock guarantee that none of Insurance Ireland's members have settled outside of court for a higher award than that offered by PIAB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Has Ms Murdock asked the members that question?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: What did they say?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: There is no top-up by insurance companies in direct settlements.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: On a final point, while the public will make their own minds up in this regard, it is blatantly true that the Government legislation does not do what my legislation does. The Government would not even be as bold as to make that statement, no harm to it. Is it not true that Insurance Ireland does not want this legislation because if the Central Bank had the power to collect this information...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Let me make one point. I appreciate the comments, but the transparency is not there. I agree with Ms Thornton on this point. What we will be able to look at in terms of future reports is the level of awards that were paid prior to the guidelines and the level of awards paid after the guidelines. We may see, for example, hypothetically, a trend that awards have reduced by 10% and that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: I do not trust insurance companies either. All we can do is ask them to report but we cannot tell them to pass on the cost reductions to their customers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Yes but we will not see, as Zurich said, a 20% reduction in employer's liability. How we are supposed to know what we should see in terms of reductions? If claims come down by 42% across all settlement avenues, for example, how would we know what savings that provides to a certain company? The only way we are going to know is if the companies do the counterfactual, which is required in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: There are only two pieces of additional information required under this legislation that are not already being collected, namely, how much the award would have been if the Judicial Council Act had not been enacted and how much premium would have to be charged. Every time we introduce legislation on insurance, including on dual pricing in the industry which the Central Bank is banning, the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Public liability insurance has not come down-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Not today anyway.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: I found the answers to the Chair's question about attracting other competition interesting. It would be important for Insurance Ireland to state it was found guilty of breaches of anti-trust law by the European Commission. It was found to be denying access to databases required for competitors to come into the State. This operated from 2009 until today. It had to agree with the European...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: That is fair enough. The Commission issued a press release dated 25 February 2022. The witnesses are well aware of it. It states the Commission seeks feedback on commitments offered by Insurance Ireland concerning access to its data sharing platform. It states that in order to address the Commission's concerns Insurance Ireland has offered a number of commitments. It was the preliminary...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: Forget about the investigation. Is InsuranceLink, a database held by Insurance Ireland, which is an important database, available to non-members of Insurance Ireland?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: It is just a fact. I am not asking-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: It is just a fact. I assume it is not.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Judicial Council (Amendment) Bill 2021: Discussion (4 May 2022)
Pearse Doherty: If it was, Ms Murdock would say it is.