Results 1,181-1,200 of 23,109 for speaker:Paddy Burke

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: That is the proposal for this legislation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: One of the biggest costs in insurance arises from bureaucracy and paperwork. We all thought that computers would cut out the need for paperwork but there seems to be more now than ever was the case in the past. Are there any proposals to make the process easier from the point of view of paperwork?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: I welcome Ms Cronin and Mr. Cross to the meeting. Did the liquidation of Setanta cost €70 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: How much did it cost to do the same for Quinn?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: All of the cost, in terms of AIB, has been eliminated. Is the outstanding sum of €870 million relatively new, between Setanta and Quinn?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: It would. Was the Quinn proceedings a liquidation or examinership?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: Therefore, the administration of Quinn cost the insurance industry €900 million. Will the Central Bank have oversight in the legislation on the Motor Insurers' Bureau of Ireland, MIBI?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: Will MIBI self-regulate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: Will MIBI not be subject to oversight by the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: Will MIBI collect the 2% levy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: How will the 2% be collected? Will the insurance companies collect the 2% levy? Will they hand it over on a case-by-case basis or at the end of the year, every three months, six months or whatever?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: Will the levy be collected by MIBI?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: Will that be done without oversight?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: The 2% levy for the compensation fund may not be collected in the case of a liquidation. Is that correct? Let us say a company went into liquidation or examinership at the end of the year but there is 2% on all the premia. The client will have paid his or her 2% in the full knowledge that the contribution is for the compensation fund. I believe the levy may not be collected and will go...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: In the case of Quinn liquidation, is it fair to say that the levy probably was not collected by MIBI? How would MIBI be treated in such an instance? The compensation fund should be deemed a preferential creditor.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: In other words, the money would have gone down the swanny in this case if the levy was not paid. The matter should be considered-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Paddy Burke: -----in either the regulations for oversight or in the legislation. Do the witnesses envisage the new data protection Bill will affect the way the insurance industry retains insurance records?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Paddy Burke: I welcome Mr. Kissane. How far back do the loans under investigation date? Most loans might have had a term of 15 or 20 years. Could some be expired at this stage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Paddy Burke: The commencement date.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Paddy Burke: Could some of the loans have been taken out in the 1990s?