Results 1,441-1,460 of 34,585 for speaker:Seán Fleming

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I did not say there were market failures or that no Irish business should set up an insurance company. I did not say either of those things but the Senator might have drawn that conclusion. I just pointed to the difficulties. That is not preventing insurance companies in Ireland getting it right into the future.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: Based on the information I have, there is a problem for particular customers depending on the level of the risk. Every application for an insurance policy is considered case by case. There may be particular circumstances where a risk is especially high, the cost of a premium is prohibitive, and people, in essence, may feel they cannot afford an insurance policy. Some people may not be able...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: No. Certainly not. There is competition but not enough active competition. That is why we set up the new office which held its first meeting yesterday. There is a level of insurance available in Ireland but there is not adequate competition by a long shot.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: The market is insufficiently serviced.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I would but that would be a matter for the particular people involved to come together. I was at a meeting immediately before I came here with a group who are working with a small group of people who are trying to get insurance for a bouncy castle type of industry group. The insurance company that was providing the cover was a UK company and was governed by UK standards with respect to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: That is a very good suggestion and we will certainly take it on board as part of our work on competition. To take the example of any county, if there are 40 towns and villages in the Tidy Towns competition and they all have to insure equipment, people who do work and different considerations like that, there would be tremendous value if they were to come together as a group because they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I want to wait for the Central Bank report. That was a judicious statement by that lady on television the other night. In that market there are winners and losers. The winners are the people who shop around and get the best price. The losers are the people who lose out financially by not shopping around and they probably pay more than they should. We are looking at the option of banning...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: In the programme for Government and the action plan produced last week, we gave a commitment to get the Central Bank report and to make a policy decision then rather than ahead of time. I am not saying we cannot look at the matter but there is no commitment to draft legislation in advance of receipt of that report.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I did not say that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: The Senator is surmising. When we see the Central Bank report, we will be able to move immediately.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: That issue is being dealt with in consultation with An Garda Síochána. Commissioner Harris has indicated that rather than establishing stand-alone operations in each of the 17 divisions, he wants one national approach which will involve training and guidance for police officers in each of the divisions. The structure will be based centrally within An Garda Síochána....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: There is a Cabinet committee on economic development and employment which consists of five Cabinet Ministers chaired by the Tánaiste. It has a subgroup which also includes myself and the Minister of State, Deputy Troy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: It met in July, November and December.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: No, it met in July.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: We had an informal meeting in July to get it up and running.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: Yes. There were informal meetings of the people who are involved.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I will respond briefly now. Deputy Barry asked about insurance. The gross premiums issued in the year in question was €1.4 billion and profit was 10% of that, or €142 million. If the Deputy believes the core of the problem with the insurance industry is the 10% profit, I disagree. The core of the problem lies with the other 90%, the costs, because the number and cost of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Minister of State at the Department of Finance (16 Dec 2020)

Seán Fleming: I will do so, and I will also respond to the Chairman's questions.

Saincheisteanna Tráthúla - Topical Issue Debate: Mortgage Insurance (15 Dec 2020)

Seán Fleming: I thank Deputy Ellis for his remarks. There are some cases where a person getting a mortgage for a house may not require life cover but that does not apply in this case. In some cases it may be purchased with a higher cost. I met representatives of Insurance Ireland today and raised this matter. The meeting was nicely timed because I had notice of the Deputy's matter. They told me...