Results 821-840 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: Yes. The OPC is very clear that direct negotiations correspond to any negotiations that occur on behalf of a person. The OPC is satisfied that it covers the point raised by the Deputy.

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 OPC opposed the amendment on the basis that the provision is not necessary and the point has already been covered. We could work with the Deputy to try to include a Report Stage amendment if he wants the measure inserted in the Act.

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 section provides the Central Bank with powers to specify classes of non-life insurance that are relevant by way of regulations, without having to name the class of non-life insurance within the primary legislation. This allows for the extension of the scope of the database to different classes of non-life insurance in future on foot of an assessment by the Central Bank of the...

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 words highlighted for removal were specifically drafted by the Office of the Parliamentary Counsel to provide for the fact that it may be impossible for insurers to completely anonymise the information they provide for the database. It might be easy to identify a very large claim settled publicly by a small insurer. If we were to set the very...

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 to inform departmental policy and any insurance company which may wish to enter the market. They will have all of the information flows. On motor insurance, they will see the levels of windscreen cover or theft cover, for example, the number of cases, the average claim per case and everything that flows around it.

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: I am strongly of the view that every person who participates in the conversation about insurance has one objective, which is to improve the sector. I accept everybody's bona fides on that. I am happy to work with anybody who has a view that they want to improve matters. I cannot say I will accept it but I am certainly open to listening to somebody else's view. That offer is there between...

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: I would not accept an amendment of that nature. The Bill is about doing a job, namely, to collect the Irish information - not information relating to France, Spain, Germany or anywhere - and make comparisons. The Deputy made the point that insurance value in Ireland is poor compared with other jurisdictions. There is a single reason for that. We have the highest awards in the world. That...

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: Everything we are doing is aimed at reducing premia. In terms of motor insurance, we are down 23% since the peak, according to the CSO. This will be a very important aspect of further reducing premia. The Deputy asked me how I know about the awards. We have benchmarked awards in Ireland through the report of the Personal Injuries Commission chaired by Mr. Justice Nicholas Kearns. On...

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: Had Deputy Burton been here earlier, she would have heard me agree with Deputy Pearse Doherty's view about consumer protection with the Central Bank. The information flow will benefit the consumers based upon policy direction. As I stated a moment ago, we have sight of 30% of the settlement channels. We have no sight over exactly how the awards are affecting the premia but we will have...

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: I move amendment No. 15:In page 10, line 20, to delete "may" and substitute "shall". This amendment is proposed, on foot of our consultation with the European Central Bank, to set out in clearer terms that the Minister shall provide funding to the Central Bank to carry out its functions under the Bill in the event of a shortfall in funding. Members will recall that I outlined in the course...

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: I move amendment No. 17:In page 11, between lines 6 and 7, to insert the following:"Amendment of sections 8 and 14 of Civil Liability and Courts Act 2004 13.(1) In this section "Act of 2004" means the Civil Liability and Courts Act 2004.(2) Section 8(1) of the Act of 2004 is amended by:(a) the substitution of "one month from the date of the cause of action," for "2 months from the date of...

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: I will respond first to Deputy McGrath's questions and work backwards. Many business owners have informed me of claims being made against their businesses 18 months after the event. This practice is common in the hospitality sector, for example, in respect of nightclubs. A business is not able to defend itself in cases where no report of an incident of any nature has been made to a staff...

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 the affidavit.

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: I will discuss section 14 afterwards, if the Deputy does not mind. In my view and in the view of several businesses who have presented to me, this is almost 100% complete. The number of occasions when fraudulent claims show up and they have no evidence that an incident did not happen is significant. Heretofore, before the change in the data protection laws on 25 May, they could keep the...

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: I move amendment No. 18:In page 3, line 11, after "Act 2013;" to insert the following:"in relation to personal injuries actions, to amend, in certain respects, the Civil Liability and Courts Act 2004;" I thank the Chairman and the committee for its efforts on this. We are all on the same pathway and it is appreciated.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: The report will be made available before the end of this year. It is in draft form at present. The Minister, Deputy Donohoe, just has to read it and then it will be published.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Yes.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: The previous tax relief in respect of rent paid was abolished in budget 2011, and it is no longer available to those who commenced renting for the first time from 8 December 2010. That followed a recommendation in the 2009 report by the Commission on Taxation that rent relief should be discontinued. The view of this independent commission was that, in the same manner in which mortgage...