Results 1,121-1,140 of 1,150 for speaker:Frank Fahey

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

Frank Fahey: Yes. I referred to Irish Insurance Federation websites. It has been clarified that the insurance companies are happy to put the information on their websites. The Department's website is already receiving questions on the matter. In respect of the prescribed information, that will be general information about the insurance companies involved, who to contact and general details about the...

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

Frank Fahey: It would probably not be possible for the undertakings to publish on the day of the public notice the number of unclaimed policies they hold. Section 9(1) does not require the companies to have identified all unclaimed policies by that date. Each company will merely have to establish by that date, usually the first weekday in October in each year, that it holds at least one such policy. If...

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

Frank Fahey: The problem is that companies may not be in a position to be accurate about the number of unclaimed policies they hold on the date in question. If they gave out the wrong number of policies it would create serious difficulties. If, at a later stage, companies want to indicate the numbers of policies they have that is fine. However, inserting a provision into the Bill that they must state the...

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

Frank Fahey: Within a few years?

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

Frank Fahey: The Minister for Finance has already stated that if such a database was properly constructed and managed, this might further assist members of the public in tracing dormant moneys. However, there are, as I said earlier, legal complexities and obstacles to be surmounted in order to proceed with the proposal and, accordingly, it is not a matter that can be countenanced in the current Bill....

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

Frank Fahey: The Department is taking the matter seriously and has referred it to the Attorney General. I assure the Senator that it is being actively looked at by the Department. I do not quite understand Senator McDowell's point. It is a complex issue and there are other negative aspects in relation to a central database, such as the possibility of fraud and so on. It is a complex issue which has to be...

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

Frank Fahey: There is an issue, as I said earlier, of a person's right to confidentiality.

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

Frank Fahey: A central database could lend itself more easily to fraudulent practices. The main issues to be considered are the insurance companies' duty of confidentiality to their customers, the issue of non-correspondence accounts and policies, the Data Protection Act and, mainly, the constitutional right to privacy. Amendment, by leave, withdrawn. Question proposed: "That section 9 stand part of the Bill."

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

Frank Fahey: One could gain considerable publicity from today's debate. There already has been a publicity campaign and further campaigns are planned.

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

Frank Fahey: No better man. Question put and agreed to. Sections 10 and 11 agreed to. Amendments Nos. 7 to 9, inclusive, not moved. Sections 12 and 13 agreed to.

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

Frank Fahey: Section 15 of the Bill provides that the moneys to be paid to a valid claimant are to be net of any charges or deductions that may be made by the insurance undertaking, in other words, the charges that comply with the normal legal practice for insurance undertakings in these circumstances. As such, these charges and deductions take account of taxes and administrative charges which the...

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

Frank Fahey: All I simply said was that it would be inappropriate for the Minister for Community, Rural and Gaeltacht Affairs to make regulations in relation to the taxes and administrative charges.

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

Frank Fahey: It is simply the policy for disbursement.

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

Frank Fahey: It is only for the actual disbursement of the funds. As I said, he has no involvement in administrative or taxation matters. The Minister for Community, Gaeltacht and Rural Affairs has the policy responsibility for the disbursement of the funds which will be done under his agency.

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

Frank Fahey: As I said, he can make a change in regulations but he must do it in consultation with the Minister for Finance. His primary responsibility is for the disbursement, from a consumer point of view, of the funds.

Seanad: Adjournment Matter. - Company Closures. (12 Feb 2003)

Frank Fahey: I thank the Senator for raising this matter on the Adjournment. I am aware of the sudden closure of the company in question which came about on Friday and, as the Senator said, without prior notice. Shannon Development, the industrial development agency with responsibility for the company in the mid-west region, immediately advised the Department of Enterprise, Trade and Employment. This was...

Seanad: Community Employment Schemes: Motion. (13 Nov 2002)

Frank Fahey: I thank the House for giving me the opportunity speak on this important motion and I thank the Fine Gael Party for moving it.

Seanad: Community Employment Schemes: Motion. (13 Nov 2002)

Frank Fahey: The Book of Estimates will deal with the position for next year. Participation levels on community employment scheme programmes this year will average 28,000 people and the estimated closing level at the end of the year will be approximately 25,000 compared with 30,809 participants at the beginning of the year. Public speculation about the level of reductions in the community employment...

Seanad: Community Employment Schemes: Motion. (13 Nov 2002)

Frank Fahey: Participation levels in the community employment scheme programmes in 2003 will be decided by a number of factors, including the rate of progression by participants in the open labour market, the underlying trend in employment and unemployment, the completion of the mainstreaming of places in the education sector and consideration of any further element of mainstreaming in the budget...

Seanad: Community Employment Schemes: Motion. (13 Nov 2002)

Frank Fahey: I wish to update this House on progress in regard to the operation of the social economy programme. Since it was launched in September 2000 there has been a significant level of interest in the roll-out of the social economy programme, as the following data demonstrate. There have been 773 applications for grant support to develop business plans; 600 of these applications for business plan...