Results 10,301-10,320 of 27,945 for speaker:Michael McGrath

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Always.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Okay.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: This section gives statutory effect to the motor insurers insolvency compensation fund which is a key element of the Bill. It is to be administered by the Motor Insurers Bureau of Ireland, MIBI. It has been described as an ex antefund. It is intended that it will be built up in advance of a failure of an insurance firm, something we hope will never affect Irish consumers again. Will the...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Therefore, it is to be administered by the industry.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: We are providing statutory recognition for the fund through this legislation. The Minister of the day will be able to look for information on the balance within the fund at any point and the MIBI will be compelled to provide that information on request. Is the Minister of State satisfied with the oversight provisions from the perspective of the State? It will be important for the...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Does the Minister of State intend to bring forward amendments in the Seanad next week? Does he intend to complete the passage of the Bill through both Houses next week in order that it can be signed into law by the President without further delay? I thank the Minister of State for his personal interest in this issue. I have been on his case about Setanta and the need to put in place a...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Yes, the third-party claimant will get full settlement. Will the Minister of State clarify whether that distinction applies in the outstanding claims in Setanta, but that they will be made at 100%, and the distinction between first and third party does not apply to those?

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Under ICF it is at 65% or €825,000.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Therefore, they do not have full coverage, but they are moving-----

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: They are moving to full coverage but first-party claims are not moving to full coverage.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: A difference is being introduced between the two which is not there currently.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: That is my reading of it. I am trying to understand the rationale. Currently, they are treated equally - a limit applies, but they are equal - and under this legislation, there will a distinction between the first-party claim and a third-party claim.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: It is not changing.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: That is what I am asking. A difference is being introduced now. I am asking why.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: This is Committee Stage so we must tease out these details. Will the Minister of State clarify that this distinction does not apply to the outstanding Setanta claims?

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Okay.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: This gets back to the kernel of the issue for Setanta. It is the question of when. Will the Minister of State clarify that there is no limit as to the number of claims and the financial quantum of such claims that can be dealt with fully in the next cycle of ICF payouts, which under this legislation will be every three months? Therefore, provided the terms of the claim are agreed and...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: It will be paid within three months of the enactment of the legislation.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: I wish to clarify my understanding of what the Minister of State has said. Where the settlement amount is agreed, irrespective of whether the 65% payout has been made, all the money due, whether it is the remaining 35% or the 100%, will be paid within three months, that is, the first tranche following the enactment of the legislation. Does the Minister of State anticipate that all of the...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: I wish to rationalise those numbers. My understanding is that the new levy applies to gross written motor premiums. Therefore, the insurance compensation fund, ICF, levy is for all non-life policies. In effect, the Minister of State is saying, broadly speaking, that the amount to be applied to motor premiums accounts for approximately half of the non-life insurance book. According to the...