Results 1,101-1,120 of 1,150 for speaker:Frank Fahey

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: It is quite clear that the insurance companies have an interest themselves in disposing of those accounts because they are a cost factor to them.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: To clarify further the point about the cost to the insurance companies, they may continue to provide some form of insurance cover, and they certainly would have the administrative costs of holding those records and calculations, despite the fact that the policy has been discontinued. The experience has been that people are coming forward as a result of the public advertisements and so on and...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: There may be life cover.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: They may still continue to have to hold records and hold the policy. They are obliged to continue to hold a policy even though it is dormant, and there are costs associated with that.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: That point will be dealt with in a later amendment. Question put and agreed to. SECTION 9.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: I take the point made by the Senators.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Minister for Finance is convinced, as I am, that the best way to bring the scheme to the attention of the public at large is through the mechanisms provided in the Bill. Again I reiterate the notices will be in the national daily newspapers and they will also be prominently displayed in all public offices of banks, building societies, An Post, life assurance companies, etc. I accept the...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: With all due respect, most of the people involved will not have much concern about e-mail—

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: —or any other form of electronic communication. It would not be possible, even if desirable, for the life assurance companies to notify customers in this way. The Bill merely tries to set down the minimum requirements in terms of notifying customers. In any case the important point made by the Minister for Finance is that the sole responsibility for keeping track of records does not and...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: I have not been commanded by the Minister for Finance not to accept amendments. That is not his style. If electronic media would improve communication with the audience the Senator is trying to reach, there would be a case for reconsidering the matter. This is not, however, the case. The audience in question is more likely to receive the communication through the mechanisms laid down in the...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Consequently, the Senator's demand is not necessary. We also have to strike a balance between the total cost of notifications and the way in which we reach the group of people in question.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: Let us be practical.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The people who are not receiving the communication under the current regime of notification would certainly not receive it as a result of the proposal put forward by Senator Quinn.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The information is on several Government websites.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The information will be on several Government websites.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The Senator makes a fair point in that it is possible that the children or grandchildren of people overseas, for example in the United States, may wish to find further information. The natural place to seek such information would be a departmental website or a bank or insurance website. I am informed by my officials that a significant number of inquiries about this scheme and the dormant...

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: What does the Senator want to appear on the website which does not appear on other websites?

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: If that is all the Senator requires, that is already on the websites. I thought he wanted further details of lists of names, as Senator Henry suggested.

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: It is set out in the various newspapers and—

Seanad: Unclaimed Life Assurance Policies Bill 2002: Committee Stage. (12 Feb 2003)

Frank Fahey: The information will be on the various Government websites.