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Results 1-20 of 762,651 for "section:" . (isset($hansardmajors[$1]["title"]) ? $hansardmajors[$z[1]]["title"] : "$z[1]") OR "section:" . (isset($hansardmajors[$1]["title"]) ? $hansardmajors[$z[1]]["title"] : "$z[1]") speaker:Denis Naughten

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael Fitzmaurice: I, too, welcome what has been done. Many who took out policies were very uneasy because they were afraid for their houses and properties. They were very afraid of being bothered after doing things right. Senanta Insurance came in here. Under European legislation, is there anything that will ensure what happened will not happen again on a Europe-wide basis? Does the Union not have a set...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: I will deal with the last point first. There is not such a set of rules. Insurance, being the business it is, has capital amounts underwriting business and cash coming in to try to ensure there are sufficient cash reserves to settle claims. As sure as there are insurance companies, there will be insurance company failures. I would not say we have been quarrelling over how exactly to put...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Question put and agreed to.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Title agreed to.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Bill reported without amendment, received for final consideration and passed.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

The Dáil adjourned at at 9 p.m. until 2 p.m on Tuesday, 18 September 2018.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes, in the first three months.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: That will happen in the first tranche following enactment of the legislation.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: I know from answers to parliamentary questions - the Minister of State has just outlined some of this - that there are 645 claimants whose personal injuries claims have not yet been settled, for various reasons. A further 223 claimants have not yet had their damage-only claims settled. Is the Minister of State aware of any reason so many claims remain unsettled? Is there any reason that is...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: I have no knowledge that there is any difference between this bundle of unsettled claims and any other. Unfortunately, under the Irish insurance structure, some claims continue for a very long period. There is a belief the longer they take to conclude, the more money that can accrue. That is often said to be the case, but I do not know whether it is. We are dealing with what is in front...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: I am getting a lot of my queries out of the way. They are relevant to this section. The message for claimants involved in the Setanta issue is to try to reach a settlement and agree on what the amount of compensation for a personal injury or damage to property is to be. If agreement is reached, it will have to go through a process involving the State Claims Agency for verification before...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: The State Claims Agency has to lodge it in the High Court.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: The message for those caught up in it is that they should do everything possible to reach an agreed sum.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: The Government has given a commitment that they will then be included in the first possible tranche. I would like to mention the related issue of the flow of money. Is there any distinction between dealing with the Setanta cases and others that might arise down the line? In the Setanta cases, all of the money - 100% of an individual claim - will come straight out of the insurance...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Yes.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: In the future, will 65% of the money come from the insurance compensation fund, with the remaining 35% coming from the new insolvency fund? Will the flow of money by way of transaction be any different? Will the Minister of State clarify the matter for me?

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: No, 100% will come from the insurance compensation fund.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: Always.

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