Results 1,321-1,340 of 35,526 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: I am happy to engage with the Minister of State on the results of the survey when it is complete. There has been a large response so far. Hundreds of people have presented their data. I have not had a chance to look at the trends. Everybody in this committee and the Dáil, when we passed personal injuries guidelines to allow for legislative change to take place and facilitate what...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: That is not accurate.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Come on. The Minister of State has responsibility for insurance. I have gone through this with every Minister. I mentioned the Central Statistics Office earlier in terms of the trends, but I qualified what I said. I said we have anecdotal evidence and all of the rest. The Central Statistics Office does an excellent job in terms of what it has to do and does so independently. The way it...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: I support section 5. A question was asked about MIBI earlier and it was said that it only pays out in respect of uninsured drivers, but it will also pay out in insolvent cases. I just wanted to make that clear because I do not think that information was correct on the record. The difference here is because it administers the insurance compensation or the motor insurance insolvency...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: On the payments to the funds, there is provision in this legislation in terms of sub-funds, the Minister's right to specify the rate and so on. Will the Minister of State outline whether any changes are coming regarding further levies or changes to levies as a result of this legislation or indeed anything on his agenda as a result of it?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: It is covered, so there will be no change. To clarify, the existing levies are 2% at the minute in terms of the motor insurance compensation fund. We also have the Quinn Direct Insurance levy, which will run out after a period of time, when we have paid back €800 million or something like that. It is a crazy amount of money. If the Minister of State has the data, how many more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Is that figure at roughly €135 million at the minute?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: We expect the Quinn Direct levy to be gone in roughly two years. I will not hold the Minister of State to the month. What percent is that levy at currently?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Does the Minister of State imagine that the ICF levy will probably hit €150 million at some time next year?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: At which stage the levy will drop to 1%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Has that levy hit the €150 million? It was 2% until it reached €150 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Is that levy-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: It was supposed to be 2% until it hit €150 million and then go down to 1% until it hit €200 million. It is obviously on the second-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Within a period of two years, we imagine that these levies are gone.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: That is fine and crystal clear. It would be a benefit as it is a 3% additional levy on the top of gross written premium. On this policy in the legislation before us, is that the trajectory the Department expects or does it expect that this legislation requires us to continue those levies? As I said, the Quinn Direct levy is supposed to be gone in two years. The other levy, which we will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: I hear that there are two years left of the existing policy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: In the order of two years, and we have to look at another piece of legislation coming from Europe to see the impact on that. That is grand. Is there a likelihood the legislation before us, the section of which we are discussing allows the Minister to set up sub-funds and set new levies, will alter the trajectory of the levies for the domestic Irish consumer, in that we know at the minute in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: Is our exposure under this legislation any greater than the exposure heretofore? We are changing who people claim from and ultimately who pays the bill. Is Ireland's exposure any greater? If Ireland's exposure is no greater, the current policy of ending the levies in two years' time is probably likely to continue. If Ireland's exposure is greater, obviously the Minister may have to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: This section deals with the reimbursement claims from other authorised bodies to the Motor Insurers Bureau of Ireland, MIBI, or vice versa. It looks as if there is a convoluted approach to this. It means that a reimbursement claim is received by MIBI. It is sent to the Central Bank and then a proportion of that is returned to the MIBI, to be placed in the Motor Insurers Insolvency...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Pearse Doherty: There is no reimbursement method from other authorised bodies at the moment. Is that correct?