Results 12,861-12,880 of 36,274 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: 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.

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

Pearse Doherty: Will that be three years for claims and one year for premiums?

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

Pearse Doherty: That is helpful. If documentation is provided for several years, people will be able to do the calculations. I thank the Minister of State.

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

Pearse Doherty: Yes.

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. 30: In page 9, between lines 35 and 36, to insert the following: “(6) The Central Bank shall report on the addition of public liability insurance to the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018 within one month of the passing of this Act.”. This amendment is intended to allow...