Results 1,081-1,100 of 1,150 for speaker:Frank Fahey
- Seanad: Freedom of Information (Amendment) Bill 2003: Second Stage (Resumed). (4 Mar 2003)
Frank Fahey: On a point of information, the example given by the Senator is not affected by this legislation.
- Seanad: Freedom of Information (Amendment) Bill 2003: Second Stage (Resumed). (4 Mar 2003)
Frank Fahey: It is always a pleasure.
- Seanad: Adjournment Matter. - National Development Plan. (27 Feb 2003)
Frank Fahey: I thank the Senator for raising this matter on the Adjournment. Government investment in research, technological development and innovation, RTDI, is central to the national development plan strategy of building new sources of competitive advantage for indigenous companies, of embedding multinational companies, moving industry up the value chain and building a world-class, knowledge-driven...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage (Resumed) and Remaining Stages. (13 Feb 2003)
Frank Fahey: I apologise for my late arrival. Section 17 provides that the certificate of compliance will be signed off by a duly authorised officer of the institution and state the register of unclaimed policies has been properly maintained. The register will contain a great deal of detail about the institution's unclaimed policies, for example, the dates on which notices were sent to policyholders, the...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage (Resumed) and Remaining Stages. (13 Feb 2003)
Frank Fahey: I thank all the Senators who have contributed to this interesting debate, in which many pertinent issues were raised. The debate in this House has contributed to this excellent legislation. For far too long policies and accounts which have lain dormant have been of no benefit to anybody other than the insurance companies in which they are held. The companies concerned will now divest...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Second Stage. (12 Feb 2003)
Frank Fahey: I am pleased to have the opportunity to address the House regarding the Unclaimed Life Assurance Policies Bill 2002. I trust that the House will agree that its enactment will result in a significant step forward in the strive for consumer protection, as well as building on the laudable scheme for disbursement of moneys to worthwhile projects established under the Dormant Accounts Act 2001.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Second Stage. (12 Feb 2003)
Frank Fahey: I thank the Senators for raising a number of pertinent questions concerning the details of the Bill. I also thank them for their co-operation in facilitating the passage of the Bill through the House. I am particularly pleased that I can relay to my colleague, the Minister for Finance, the general support among Members for the Bill. We all appreciate that life assurance is a technical...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Second Stage. (12 Feb 2003)
Frank Fahey: It is not a question of contacting policyholders before the 15 years have expired but if after that time policyholders areâ
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Second Stage. (12 Feb 2003)
Frank Fahey: As policyholders are still entitled to the full benefit either way, there is no disadvantage to them and the insurance companies which must pay up in any event.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Second Stage. (12 Feb 2003)
Frank Fahey: We will come to the detail later.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Second Stage. (12 Feb 2003)
Frank Fahey: Regarding the point made by Senators John Paul Phelan and McDowell that the money in the dormant account fund could be used as a slush fund, obviously the Minister for Finance, Deputy McCreevy, has no intention of doing this. The Committee of Public Accounts recommended that the fund be used for charitable and community purposes, which is exactly what is provided for in the Bill. The...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: The Minister for Finance has said this amendment should not be accepted for a number of reasons. In particular, it would place a considerable administrative burden on companies if they had to re-examine each policy to see how much it was then worth to establish whether personal notification was required. There would also be difficulties with unit linked or with-profit policies and the fact...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: Section 7(3)(a) and (c) specifically provide that the Minister may make regulations for the purpose of consumer protection and to facilitate policyholders attempting to identify moneys to which they may be entitled. It is clear that the ethos of the provision is primarily to assist the policyholder rather than the insurance undertaking. It does not need this amendment.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: It is not necessary. The aim is to facilitate policyholders; it is not necessary to mention them. Amendment, by leave, withdrawn. Section 7 agreed to. SECTION 8.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: To reassure Senator John Paul Phelan, section 8(1) specifically provides that each holder of an unclaimed policy should be given written notice by the insurance undertaking concerned. This means that if a person has more than one policy, he or she will be given notice for each policy and there will, therefore, be no difficulty. With regard to annual notification as outlined in section 9,...
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: The market rate.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: The money must be paid over. It is provided for in legislation.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: With respect, there is a certain misunderstanding. The minimum requirement is one notification, but it is in the interest of the companies to keep trying to contact policy holders because they are administering the policy and the costâ
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: The policy remains as a policy on the company's system so there is a cost factor involved, even though the company cannot reclaim the cost because it must pay over the full amount. Therefore, it is of no benefit to the insurance company.
- Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)
Frank Fahey: There is no benefit to insurance companies to retain policies. Companies would be far better off if the holders came forward to claim their policies. For that reason, we have a stipulation that a notification must issue once a year. If one writes to people once a year to tell them they have a dormant account and they take no notice, I do not suppose writing twice a year will make much difference.