Results 881-900 of 6,295 for speaker:Michael D'Arcy
- Finance Bill 2018: Report Stage (20 Nov 2018)
Michael D'Arcy: Another issue will flow from it. Potentially the question is whether it is one, five or 50 and I simply do not know how many people will be able to present and say they had a verbal contract with the supplier for 1 January. We have come as far as we can and I do not consider that it will go any further.
- Finance Bill 2018: Report Stage (20 Nov 2018)
Michael D'Arcy: In this year's budget, the Minister, Deputy Donohoe, extended the 0% benefit-in-kind rate for electric vehicles to the end of 2021. Having regard to the value for money and tax equity considerations, the Minister announced a cap of €50,000 on the original market value of the vehicle that can be fully relieved from benefit-in-kind. It was noted that this cap received full support on...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I thank the committee for its invitation to discuss issues in the insurance sector. As members will be aware, this week the 7th quarterly report on progress on the cost of motor insurance, and the cost of employer and public liability insurance, was published. It shows that, of the 78 separate applicable deadlines within the action plans of the two reports at the end of quarter 3 2018, 62...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: If the Deputy wishes I can go through each of the points, one by one but if he throws them all at me at once-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I will probably miss some of them if he throws them all at me.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I thank the Deputy but he is wrong. The figure that is most relevant to this is that the motor insurance premium has been reduced by 23%. That is something that he cannot argue with. The figures that we accepted from the CSO showed an increase of almost 60%, going back to the peak of 2016. Since that peak there has been a reduction of 23%. The Deputy is making analogies and broad...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: That is correct.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: That was an add-on which people have said-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Excuse me but the Deputy should deal with the facts.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The Deputy is making it up.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The Deputy is out of touch. He is ignoring the fact that the average insurance premium has decreased by 23%. The figure which peaked at July 2016 was a 60% increase. That figure is from the Central Statistics Office, CSO. The CSO is analysing the numbers and has stated there has been a 23% decrease since then. We need to deal with the facts. We have problems in the insurance sector...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: He said it is all wrong. I am not saying it is all right but it is not all wrong either. We have a significant problem with fraud, exaggerated claims and the levels of awards. That is where the real problems are in the insurance sector. The Personal Injuries Commission benchmarked the level of award for soft tissue injuries, which come to 70% of all claims, against those in the UK. It...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Recommendation No. 1 stated there would a bespoke breakdown of every premium. When we analysed that, there would be an additional cost to every premium. Everything we are doing is to reduce costs, not increase them. I have said before that not every recommendation will be implemented. When we did an in-depth analysis-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The Deputy should allow me to finish. When we did an in-depth analysis, there were implications, costs and overlap of work.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Recommendation No. 2 will be implemented by the end of the year.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: That has finished.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Recommendation No. 2 will be implemented by the end of the year.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: It will be by the end of the year.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Yes.