Results 181-200 of 6,295 for speaker:Michael D'Arcy

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: This issue came to the fore when the Department conducted an investigation into storm damage claims. On too many occasions, insurance companies did not pay out all the agreed amounts. That is not acceptable. I welcome increasing the thresholds from €20,000 to €40,000 and I can accept the amendment. The claims from Storm Emma and Storm Ophelia were analysed. Brokers...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 17: In page 15, line 28, to delete “consumer”. Section 18 sets out to remove the potential of abuse by insurers of the use of warranties in insurance contracts. In the past, a breach of warranty allowed insurers to avoid liability, no matter how minor the breach or even where it was not material to the insured risk. The best example is if there is a...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 5: In page 7, lines 23 to 25, to delete all words from and including "(1) The" in line 23 down to and including line 25. I propose an amendment to section 5 regarding regulation-making powers. Section 5(1) provides that the Minister for Finance may make regulations to give full effect to the Act. However, this provision serves little practical purpose because the...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 6: In page 7, lines 26 and 27, to delete "or any other requirements related to, a consumer insurance contract as set out in this Act" and substitute "a contract of insurance or any other requirements related to such a contract contained in this Act".

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 7: In page 7, line 29, to delete "whether made under statutory authority or otherwise" and substitute "made under any enactment or instrument under an enactment".

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 8: In page 7, line 31, after "Services" to insert "and Pensions".

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 9: In page 8, line 14, to delete "from" and substitute "to".

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 10: In page 10, lines 27 to 36, to delete all words from and including "(1) Subject" in line 27 down to and including line 36 and substitute the following: "(1) Subject to subsection (3), in a case in which the consumer’s entitlement to cancel a contract of insurance is not governed by the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No....

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 11: In page 10, line 37, to delete "avoids" and substitute "cancels".

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I thank Deputy Doherty for this amendment and his constructive engagement with officials on its drafting. The Department has consulted the Central Bank, which has expressed reservations about the amendment, including the fact that it was likely to lead to additional costs for insurers and is complex insofar as it will apply to many different classes of insurance. The industry has also...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 13: In page 11, line 35, to delete "20 days" and substitute "20 working days".

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 14: In page 11, line 39, to delete "the post-contractual stage of a consumer contract" and substitute "all stages subsequent to the entering into of the contract".

Saincheisteanna Tráthúla - Topical Issue Debate: Life Insurance Policies (13 Nov 2019)

Michael D'Arcy: If that elderly couple had set aside that amount of money in a deposit account, they would have been far better off. Unfortunately, on some occasions the product was the wrong type of product and it was mis-sold to people who believed that they or their heirs would at some point be able to have the benefit of the product in question. There is a solution which lies with insurance company...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 1: In page 5, between lines 21 and 22, to insert the following: “ “continuing restrictive condition” means any condition, however expressed, that purports to require a consumer to do, or not to do, a particular act or to act, or requires him or her to act, or not to act, in a particular manner (and any condition the effect of which is that a given...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 2: In page 6, to delete lines 38 and 39 and substitute the following: “ 47 No. ___ of 2019 Consumer Insurance Contracts Act 2019 Sections 10, 11, 12, 12, 13 and 15 ”.”.These amendments relate to section 3, amendment of Schedule to the Central Bank Act 1942. Amendment No. 2 is a technical amendment which...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 3: In page 6, after line 40, to insert the following: “(2) With respect to the amendment effected to the Central Bank Act 1942 by subsection (1), and that amendment only and so as not to affect the operation of the general law specified in subsection (3), where a reference occurs in any section of this Act, specified in that amendment, to...

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael D'Arcy: I move amendment No. 4: In page 7, line 19, after “sum” to insert “of compensation”.

Saincheisteanna Tráthúla - Topical Issue Debate: Life Insurance Policies (13 Nov 2019)

Michael D'Arcy: Last year the Department of Finance insurance policy team sought information from the Central Bank on the nature and workings of this type of insurance product. The Central Bank has advised that whole-of-life insurance policies are designed to provide consumers with life cover for their whole life. As long as the policyholder makes regular payments and the payments are sufficient to...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (13 Nov 2019)

Michael D'Arcy: The Deputy has asked me a direct question about the personal injuries committee. The answer is that we expect the Chief Justice to have more to say about the judges designate next week. That is where we are. The Judiciary has agreed to operate informally. The law is clear. Outside of this informal operation, it cannot operate at all until all of the committees under the judicial council...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (13 Nov 2019)

Michael D'Arcy: I ask the Deputy to do so please.