Results 801-820 of 6,295 for speaker:Michael D'Arcy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The example I am using is travel insurance when one travels out of the country. The Deputy is proposing to delete "Irish-based risk". We would be able to use this formulation for travel insurance but "risk in the State" potentially may not be usable.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: It is included but the point I am making is that if the Deputy's amendment flows, that could be excluded.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: No, it could be excluded.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: That would be the case if the Deputy's amendment is accepted.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: That is just one that could be used in the future. I am only talking about amendments Nos. 1 and 2 and risks to the State. I use that as an example of what would happen if the Deputy's amendments were accepted. We are trying to leave it as open as possible and cover as much as possible. Others could potentially be excluded by the Deputy's definition.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: That would be if amendment No. 6 were accepted. The purpose is to leave it open so that we can bring in others. The full focus for now is motor insurance, employer liability insurance and public liability insurance. If others come into scope subsequently, that can be used. I do not know if travel insurance will be used in the future - perhaps it will.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: It might go in or it might not. The Office of the Parliamentary Counsel believes its wording is better than being as prescriptive as the Deputy wants. We do not want to have the legislation prescriptive to allow any future change that might be required to happen by regulation. If it is prescribed in the primary legislation we would need to change the primary legislation in the future.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The Office of the Parliamentary Counsel is very clear that it is captured. We will compose a note.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: To date, the focus of our work and that of the Central Bank has been on motor insurance claims, which represent the majority of claims. I hope it can be expanded sooner rather than later. I do not want to put on the record a date if I am unsure it can happen. The Central Bank is carrying out a feasibility study incorporating a ten-year look-back at settlement channels and different...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: Yes. Effectively, it will revert to 2008 data to be calculated for the establishment of this structure.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: It will go into the new database. The database will not start with data from 1 January 2019 and flow from there; there will be ten years' worth of historical data. That information must be compiled. There is a large body of work to be done beforehand. The Central Bank is carrying out a feasibility study on when it will be able to move from motor insurance to other areas.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The Central Bank has been working with insurance companies for that information flow. As the legislation has been in preparation, it was doing some of that work.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The items mentioned in amendment No. 3 already fall within the existing definition. The approach of individually specifying this level of detail is not in keeping with the general drafting approach taken in the Bill. We propose to set down in primary legislation a framework within which the Central Bank will establish an administrative claims database that will allow the specific approach...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: Section 3(b) of the original Personal Injuries Assessment Board Act 2003.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The Deputy might be shocked to hear that I agree with him on some of what he said. I will not pretend that I am pleased with the method by which the Central Bank has taken consumers into its bosom. The reality is that it is much more concerned about prudential regulation than consumer protection. I think the Deputy's criticism is fair and I agree with his point. On business expenses,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The amendment is opposed on the basis that the Office of the Parliamentary Counsel has given legal opinion that the provision is unnecessary as a generality of the current drafting already provided for it. The Bill is designed in a particular way so that if alterations are required in the future then regulations can be changed far easier than the legislation. The Office of the Parliamentary...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The Bill refers to direct negotiations involving in whole or in part the services of a solicitor or counsel. However, direct negotiations means any direct negotiations and that is not limited to a situation involving a legal person. It refers to all direct negotiations.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: That is included but direct negotiations are not limited to this situation involving a legal person representative. Direct negotiations cover all negotiations.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)

Michael D'Arcy: The interpretation of direct negotiations is where one person negotiates with another. That is direct negotiations.