Results 8,381-8,400 of 15,555 for speaker:Eoghan Murphy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: We cannot do that immediately. I was quite clear that they were never going to do that immediately. We had to put together a comprehensive plan to have buy-in from the Oireachtas and the Government. This was in order that people were clear that this was going to happen and was not going to be a report sitting on a desk.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I get this kind of query myself. I have become something of a focal point for people to give out about their insurance premiums. If I am at a wedding or some function, people come up and give me hassle about their car insurance; it is a great time. I understand that it is difficult to explain what is actually being done because we always said this was a complex problem that required a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: The current hope is that the downward trend we have seen since last July, and which is now at 6%, will continue through the course of this year. This would mean that people who renewed their policy in the last month should notice a reduction in their premiums when they renew in 12 months' time. I would be amazed if they do not. These reforms are being done and other things are happening in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I cannot speak for-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: There are many variables that an insurance company will use in the pricing of an insurance policy. It is very difficult to say to an individual case that his or her premium should have gone down. People can bring up anecdotes - as in the recent Dáil debate - where they know of a person and such and such happened to them. We cannot know fully all the circumstances of why an insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: The Central Bank is responsible for this action and there are a number of changes to be made by the Central Bank. It is progressing this as one. We must go through due process and there must be public consultation on the changes. There are certain timelines already in place that must be followed. I believe this is a good thing to do but it is by no means the most important thing we have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: One of the things I want to do with this piece of work is to put as much as I can on a legislative basis in order that measures cannot be unilaterally withdrawn.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I want to make sure that all of the industry is moving together to make this reform so it is on a legislative basis and cannot be changed unilaterally by one company or by them all. This is the process we are following, with the Central Bank leading on this work.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: The timelines are dictated by the process that must be observed when changing legislation in this area.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Speaking to the better relationship we now have with the insurance companies, and in light of the recent agreement we have reached on the competition framework - which is a positive for them and for customers - I will of course put the Senator's suggestion to the industry. I will report back on what its answer is.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Recommendation No. 7 speaks to the declined cases agreement. Action No. 15 under that recommendation is on track. Insurance Ireland has made the necessary alterations to its website to provide more prominent information on the declined cases agreement on its homepage so people know it is there and can access the facility. As for what has actually been happening, there is still some opacity...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: If they go to the website they can find the appropriate email or phone number to call to go into that process. It is not operated by the Government but it is there for them to access. If the Senator is aware of a few particular cases, the Department is happy to pass people on to the relevant person in order that they can access the system.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I will give Senator Conway-Walsh an update on where we are with this recommendation, which is recommendation No. 26. This requires An Garda Síochána to determine, before the end of the second quarter of this year, whether there is a mechanism for further co-operation with the insurance industry around fraud investigation. This is being done with the agreement of the Garda...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: What I propose in the report is that an investigation take place as to whether it is possible and should be pursued. That is what we are looking at.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I understand that. As I said to Deputy Pearse Doherty in a previous engagement, this is something we will have to debate and examine very carefully. If it is to be proceeded with, it will not be a decision made here in committee. It will be a decision for the Minister for Justice and Equality. I anticipate that some people will be uncomfortable with this but I note that it has worked in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I understand the concerns. If this becomes a proposal, it will absolutely need to be debated in full by the Dáil and Seanad.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Officials in the Department have been discussing this with the liquidator as have the State Claims Agency and the office of the accountant of the High Court. In so far as the Senator's recommendation to the Chairman is concerned, I am not sure if that is possible but it could be helpful.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Off the top of my head, I am not sure he will be able to appear.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Is this the premium in terms of what the customer pays when he or she buys motor insurance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Whether an insurance entity itself was disaggregating out the amount it was reserving based on the different uncertainties it saw in the market, I do not know. They may not have. They may have calculated a reserve amount based on a number of uncertainties but they may not have disaggregated out how much of that reserve was because of Setanta. When they then had a premium for the customer,...