Results 1,841-1,860 of 36,036 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: 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?

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

Pearse Doherty: Okay. Section 10(2) of the Bill says that the reimbursement from the compensation body - in France, say - has to be transmitted in full to the Central Bank. It is then for the Central Bank to distribute that money in whatever required proportions to the insurance compensation fund, which is administered by the Central Bank, or to the MIICF, which is administered by the MIBI. It appears...

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 what the Minister of State is saying but we are asked to deal with the laws. Section 10(2)(a) provides "that it shall, as soon as is practicable after it receives such reimbursement, transmit in full amount such reimbursement to the Bank", which is the Central Bank in this case. It goes on to say that the bank will then pay back a portion of that. I hope it works a lot more smoothly...

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

Pearse Doherty: Why is the Central Bank the body to divvy it out? Why does the MIBI not just keep the portion that it is entitled to? It could put it into the fund that it administers and transfer anything to the Central Bank in relation to the fund that it administers, which is the insurance compensation fund.

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

Pearse Doherty: In my Second Stage contribution on the Bill, I said that section 16 allows for the State Claims Agency to carry out an annual audit of a sample of the claims payments made through the compensation body. When an audit has taken place, it will be presented to the Minister for Finance. Is the Minister obliged to publish it or lay it before the Oireachtas?

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

Pearse Doherty: Surely any commercially sensitive information can be dealt with before publication.

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 aware that an audit will refer to claims, because that is what has to be done, but will an audit not provide a view on the claims, this view being what would be published? The Minister is not going to get a report stating Johnny was paid a certain amount because of this, that and the other; I presume the Minister will get a report stating the agency audited 25 claims and found X, Y and Z.

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 something we will revisit. My view is that transparency is of the utmost importance. I understand the argument on commercial sensitivity but we have not yet seen how the reports will be structured. I would like to know if there is a way to present such a report to the Oireachtas under section 16 that does not breach commercial sensitivity or other requirements concerning personal...

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

Pearse Doherty: Excuse my ignorance on this point, but does this body fall under the remit of the Comptroller and Auditor General?

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

Pearse Doherty: Therefore, is it correct that the Comptroller and Auditor General will be auditing it annually?

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

Pearse Doherty: A possible audit. Will it be possible to examine the issues concerning the claims? This section is really important and I support it because it requires not just a periodic examination but also an annual review by the State Claims Agency. There may not be many claims and one would hope that the annual review of the State Claims Agency will state everything is above board, great and all the...