Results 921-940 of 6,295 for speaker:Michael D'Arcy
- 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 trying to say it is all wrong.
- 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 trying to-----
- 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. The Deputy is wrong.
- 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 ignoring that 62 of the 78 recommendations have been implemented. We have done a lot of good work. We have improved the sector. The flow is in the right direction, but the Deputy wants to say it is all wrong. That is not the case.
- 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 the industry average for motor insurance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Every premium taken out by an individual is a matter for him or her. The Senator can describe it as being ripped off if she likes, but companies have different pricing arrangements. We recently did a mystery shopper exercise with insurance companies. Insurance with some companies costs twice as much as with other companies because of the way in which they price it. The Senator can call 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: I have.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Sorry, but the Senator should not misrepresent this. The 23% is the calculation by the CSO on the basis of the entire industry of an average reduction. If somebody is applying for a new premium 12 months later in exactly the same circumstances, there should be a reduction. Companies have different pricing models and are stronger in certain markets than in others. Some companies are averse...
- 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 have to disagree with the Senator. The figure that was used for the increase was the same figure that we are using for the decrease. As people saw their premium increasing, and it was calculated on that basis by the CSO, the same figures were being used for the decrease. Let us not tiptoe around this. We have 62 out of the 78 recommendations concluded. Some of the remainder will not...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: No. What I am saying is the 23% reduction is because of the 62 recommendations and all of the work we have been doing by analysing this sector. There will be a further decrease when we establish the national claims information database and the judicial council. The first piece of work that the judicial council should do is, following on from the PIC report, is recalibrate the book of...
- 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 ask the Senator not to be glib about all of this.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: She is.
- 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 am here to answer these questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: All of the what?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Let me outline again that we have recently conducted a mystery shopper exercise between the Department and Insurance Ireland. Both entities had a mystery shopper exercise for vehicles over ten years of age. The variation in the market was enormous - the premium doubled between the lowest and the highest. I cannot instruct each individual company how to have their pricing structure based...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: My message to people, absolutely, is to shop around more. The Department of Finance and Insurance Ireland have just concluded a mystery shopper exercise and the variations were double between the premium offered for similar vehicles. That is a matter for insurance companies themselves with different pricing models with different target market areas.
- 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 am not just saying to shop around. We have implemented 62 of the 78 recommendations. That is why the figure is down 23%. The Senator and her colleague do not seem to want to engage and seem to be more taken up with the 23%-----
- 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 next big issues are the national claims information database, the judicial council and the recalibration of the book of quantum. That is where I would hope we will reduce the figure further. Unless I get co-operation between both Houses, to get these pieces of legislation through as quickly as possible, then we might get stuck at 23%, I do not know.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Which legislation?
- 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. The national claims legislation has gone through Second Stage in the Dáil. The Judicial Council Bill is in the Seanad and is stuck behind the Judicial Appointments Commission Bill, where there has been 41 hours of a filibuster. I do not agree with guillotining but if we get stuck behind legislation, there is a cost. The cost on this occasion in the Seanad of which Senator Walsh...