Results 12,241-12,260 of 35,658 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: There is no issue with amendment No. 13, which is a technical amendment to Schedule 2 of the Central Bank Act. On amendment No. 14, I understand that it means the ombudsman cannot rule that an insurer has to pay out, under sections 7 and 15, proportional remedies even above and beyond the normal limits that apply to the FSPO. The Minister of State might confirm if that is the correct...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: On the Minister of State's first point, is that an indication that he would be happy to withdraw the amendment that deletes sections 4 and 3(2)?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: I am willing to examine this again. I favour the approach that we leave it in at this point and review it on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: I am glad that the Minister of State is not amending the section. Based on the submissions, there has been pressure from insurers to amend this. At the core, where an insurer enters into a contract, it should honour that contract. Obviously, an insurer is at any time free not to insure an individual but if it does so, it should pay out on that regardless of the insurable interest. ...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: It is important to put on the record that this section is hugely important in this legislation. When it is commenced, the unfairness of a consumer having to know what is relevant and what is not when applying for a product will be ended. From that point on, the obligation will be on the insurer to ask the relevant question. It is blindingly obvious when one thinks about it and yet up to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: There many cases where claims are not being paid out because of questions posed in what the legislation would describe as plain and intelligible language. As a result, the claims are voided. This places an onus on the insurer not just to ask the question but to ask it plainly and in intelligible language, and where there is ambiguity or doubt about the meaning of a question the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: The section provides in steps the different responsibilities and obligations on an insurance company in respect of paying out a claim proportionately. Where there is a fraudulent claim where somebody deliberately misrepresents their claim, there is no requirement to pay but where the misrepresentation is innocent or negligent, there are requirements to pay out claims in certain regards. For...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: That is what the legislation states. This amendment reshapes the language as opposed to changing any of its substance.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: That is fine. I am happy with that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: This amendment has the effect of deleting section 8. It is highly technical, as we have heard from the Minister of State, but the consumer protection code is not on a legislative footing and that creates some grey areas in respect of consumer protection. We should use this Bill to enhance as much as possible, and to put into primary legislation, consumer protection and transparency issues....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: Yes, I understand that. We already dealt with it in the context of section 6. It is already provided for. It amounts to a little repetition but that is no harm. The issue is that there is a fundamental change for a consumer entering into an insurance contract. Under the Bill as drafted, before the consumer is bound by the contract there will be a requirement on the insurer to provide the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: That takes me to the point. There is a substantive change. I will engage with experts to ensure that the provisions from different directives are captured within the existing amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: The way section 8 is drafted represents an opportunity for us as committee members and as Members of the Oireachtas to look at issues that were in the report of the committee on the cost of motor insurance. For example, section 8 refers to what the insurance company would have to inform a customer about in respect of the amount of premium or the method of calculating it. This is a major...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: When a consumer gets a motor renewal quote, it is based on the risk but I am sure insurance company officials are looking at a screen with information on what the policyholder was insured with last year.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: The companies do not have to provide the premium that the customer paid last year.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: If the premium increases, the companies do not have to provide a reason as to why that is the case.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: We could be in the same situation again. In a period of three or four years, there were increases of 70%. Insurance industry representatives simply told us whatever they wanted to tell us. There is no requirement on insurance companies to provide information. Insurance industry representatives will tell us that there will be a cost. They will state that anything we do to regulate the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: I move amendment No. 29: In page 9, line 5, after “insurance” to insert the following: “along with a schedule showing the premiums paid, claims paid out and other statistical data related to the record of the policyholder for the past five years where applicable”. This relates to the previous discussion we had. This amendment would insert an obligation on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: That is fine.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Pearse Doherty: That is okay.