Results 1,401-1,420 of 6,295 for speaker:Michael D'Arcy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: It could be the Opposition. The Government is aware that the cost of insurance is having a serious impact on some businesses across Ireland and acknowledges that the premiums are very difficult to justify. Many individuals are experiencing premium increases. As indicated in both the Oireachtas committee report on motor insurance and the working group's motor report, there is no legislative...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: I am at this for 11 months. My predecessor was working on it before me. As I said in my opening statement, it is not about writing reports but the implementation of those reports. Why are premiums not reducing? As awards go up, so do premiums. We have a high-award system in Ireland. I may not be pleased with that and others may not be pleased with that. Anyway, there is a line I use...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: Several issues arise. There was also the case of the award to the individual who dropped his trailer on himself in mart grounds and the award was made against the mart. There is a reason there is settlement of these claims. The primary reason is that the insurance companies make a calculation and decide it is cheaper to settle rather than go through the court process. This keeps going...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: I am certainly open to any conversation about any area where we can try to help to improve health and safety. It is not something that I can guarantee will happen, but I am certainly open to any discussion on anything of that nature. Deputy Pearse Doherty referred to the national insurance claims database. I will read the note because it is comprehensive and it is an important aspect of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: Is the Deputy talking primarily about the settlement channels?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: We are satisfied to proceed with the head as it is.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: That side of it is not part of my brief. The motor insurance directive is with the Department of Transport, Tourism and Sport.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: We expect to have the Bill published before the end of this session. It depends on the speed at which it goes through both Houses. I am hopeful it will be sooner rather than later. I cannot give the Deputy a date. I do not know when it will go through. As I said, the work on the establishment of the database is happening in parallel with the legislation. The Central Bank is operational...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: I am hopeful we can get the legislation through both Houses this year. That is my objective. That is pretty decent. It is a complicated Bill. I hope we can get the legislation through and during 2019 we could get the national claims database up and running. That is realistic. I do not want to give the Deputy a date that is not realistic. It will be at some stage in 2019 but I cannot...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: Before the end of this session.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: It is important to get this right. This is new and we want to make sure that what we do we do well. The objective is to make a start with motor insurance and then expand it into employers' liability and personal liability insurance. That is the prudent way to manage this issue. We could do it faster but I am not sure we would do it better if did so.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: No. It is under the remit of the Department of Justice and Equality but-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: In terms of the second portion of that, which is the-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: Yes. That is what is being worked on by the Central Bank at the moment in parallel-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: There has been a public consultation on that. We have just concluded that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: That is the analysis by the Department. The work that is being done with the Central Bank will concern the interaction between the Central Bank, the insurance companies and how the information comes in so that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: What we are trying to do is make sure that when we are able to go live with a national information claims database when the legislation is passed, the work will have been conducted-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: -----in parallel so we can start with motor insurance. We do not think it prudent to go beyond that until we get it up and running, try to get it tested and see whether we can make sure that it will do exactly what we want it to do.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: Yes.