Results 1,001-1,020 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: No.
- 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 information will not be on individual claims but the aggregate from each company. The information will flow to the Central Bank that a given company has settled 22% of claims before the claims entered the system whereas another company has gone through PIAB and has settled on the steps of the court. The information will cover all that type of thing.
- 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 issue is that we do not know the reason many claims are settled. Potentially some of these claims should not be settled, although it might make commercial sense for the insurance company to do so.
- 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 for the insurance industry and for analysis which will drive the subsequent direction of policy.
- 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, in the Department. The hope and expectation is that many more of these claims would go through PIAB and would be concluded through PIAB following the passage of the Personal Injuries Assessment Board (Amendment) (No. 2) Bill 2018.
- 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, the issue will not be concluded at that stage.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: We have no control in respect of the people whose claims have not been settled with the liquidator. Some 1,500 payments will have been made to people who have settled by 19 November.
- 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. If the analysis is done and we see that 40% of claims are being settled without any medical reports, there will be a policy decision for others to make.
- 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. We expect the process to have started by then. When the legislation is passed the information will then be requested from the companies, which will be obliged to provide it to the Central Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: We expect that to happen at some stage in the third quarter. It will take a bit of time. The reason we are only including motor insurance is that it is specific to what is there.
- 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 been done.
- 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 respond to that, if the Chair does not mind. If the Department is taking a Bill through a House, it will not lodge another Bill until that one has been concluded.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Not very often.
- 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 is not a criticism of just the Seanad. When filibustering occurs, other legislation gets delayed. It is a criticism 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: We find ourselves in the dark on far too many of the settlement channels. We have access to wards of court settlements and PIAB settlements, but the majority of cases are settled without anyone having access except for the individual and the insurance company. We do not know what the percentage is. When one aggregates the channels-----
- 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 percentage of total settlements that are settled out of court, on the steps, before PIAB, after PIAB or before any form of medical report is requested. We do not have access to that information.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Insurance companies have different settlement models. I have spoken with all of the companies. Unusually, some settle claims before they even get lodged. They make an offer of X thousand euro and the matter is concluded. On the other end of the spectrum, some companies will fight every step of the way even where they know that people have been genuinely injured and impacted. Other...
- 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 will be a matter for the Department, the Central Bank and the industry.
- 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 people who make policy decisions will have sight of it.