Results 1,281-1,300 of 6,295 for speaker:Michael D'Arcy
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: Always. The money will then be recovered from the motor insurers insolvency compensation fund.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: The main objective of the new motor insurers insolvency compensation fund which is to be established by the MIBI is to ensure the 35% contribution will be covered by the industry. It will be a private industry, rather than a State, fund. Therefore, how the fund is held and managed will be a matter for the MIBI and the insurance industry. In terms of accountability, the Bill provides for...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: And the MIBI.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: As with the MIBI fund, we are talking about large quantities of money that will be collected from the industry. We are satisfied that this has been done in the past and that it will be done in the future. It will be certified by an auditor. We are comfortable that this is the right way to deal with it. If we are not comfortable with it in certain circumstances, it can certainly be looked...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: Is this the first-party claimant?
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: Currently, only third parties have full coverage. First parties do not have full coverage because they were the person driving the car.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: That is correct.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: They will go to full coverage in line with the ICF.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: No.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: That is correct.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: The first-party claimant is still the same as it was.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: It is not changing for the first party. There is a difference between first and third-party claimants.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: It is the personal responsibility of the individual who is driving. Therefore, it is reduced. If someone is found to have been negligent and have caused the accident, he or she does not get the benefit of the full amount, compared with the innocent party in an accident. There is the person who caused an accident and somebody who is the victim of an accident.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: It does apply. It is the same structure with first-party claimants and third-party claimants because there is the question of liability. There is a responsibility on the person who is the first party if they have caused the accident.
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: I also wanted to say-----
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: No, this will not cover that. If a customer had insurance, say they had paid a full year's premium a couple of days before the company went into liquidation, unfortunately, they are not covered by this. On a person who was involved in an accident where the 65% was paid, there were circumstances where individuals took the other person who was liable for the accident to court for the...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: I will read from the briefing note and answer that for the Deputy. It says that under the new regime, the State Claims Agency will make an application to the High Court in accordance with the amended legislation no more than once in any three-month period. Therefore, the twice yearly, or six-month, period will now be four times a year. The State Claims Agency will make that application....
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: Yes. That will conclude the first half, approximately, of the claims at 65% plus the 35%. Any claims recently settled will receive their full payment. If any claims are concluded in the period from when the last lodgement was with the High Court, they will be paid in a single payment of 100%. It is important, therefore, that any application is made at the optimum time to ensure that as...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: No decision has been made on where we will be or what the position will be in ten years' time. It is the same fund or structure that was used for PMPA and that process concluded in 1991. The opportunity is still there to use the legislation to build up a fund in future. I do not know the answer to the question. It is undecided. The logical approach would be to continue it to have an...
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)
Michael D'Arcy: Insurance companies price risk. If they are sure something will happen, they will not price that eventuality. If a company knows an area will flood, in all likelihood the consumer will not get insurance.