Results 301-320 of 6,295 for speaker:Michael D'Arcy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: Equally, the insurance distribution directive has protections prior to the contract being signed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: Yes. I am keen to make a point on this. I have pursued this with insurance companies. There would be a cost to go back and analyse previous agreements. There would be a cost on any look-back on the premiums in previous years. It would be costly to carry out and provide the analysis. There are 2 million motor policies. Even if it cost €1 per policy, that would come to a cost of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: We are covering that later in the legislation.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: Last year's premium will be provided from 1 November on this year's quote.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: No, they do not.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I hear what the Deputy is saying. If there is an increase, there is a cost for an explanation in respect of that increase. There will be a cost. That is without any question of doubt.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I will speak on the section first before responding on Deputy Pearse Doherty's point. I propose to delete the whole of the section as it is considered superfluous due to the provisions of the consumer protection code, the Life Assurance (Provision of Information) Regulations 2001 and the Non-Life (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007. In advance of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: However, before introducing such an amendment on Report Stage, prior consultation would be required with the Central Bank and industry, as would appropriate legislative scrutiny.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: Instead of five years, we will provide for three years of claims.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: For claims and premiums.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I may not have grasped this correctly or I may be looking at the wrong amendment. This is amendment No. 30 which reads: “(6) The Central Bank shall report on the addition of public liability insurance to the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018 within one month of the passing of this Act.”. The Deputy is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: That is the case for the time being but we will start collecting date on employer's liability and public liability insurance in 2020. We hope to have the motor insurance information at the end of quarter three or start of quarter four but by the end of quarter four at the latest. We thought it appropriate to start with motor insurance information, get established and have this done...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I will get the Deputy a note from the cost of insurance working group on the final option we are examining. There has been a major and legitimate effort to try to do this. I am not sure that we will be able to do it. I am being very frank with the Deputy. We will provide a note to the committee-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: -----and the Deputy can have a look at it. A great deal of work has gone into this to try to get it over the line.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 31: In page 9, line 37, to delete all words from and including “(1) Where” and in page 10, to delete lines 1 and 2 and substitute the following: “(1) Where, in accordance with the contract, an insurer notifies a consumer that the insurer is cancelling a contract of insurance, the insurer shall repay to the consumer the balance of the premium for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 32: In page 10, to delete lines 3 to 5.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 33: In page 10, line 17, to delete “in writing” and substitute “on paper or on another durable medium”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 34: In page 10, line 18, to delete “in writing” and substitute “on paper or on another durable medium”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 35: In page 10, line 22, to delete “in writing” and substitute “on paper or on another durable medium”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 36: In page 10, line 31, to delete “cure” and substitute “remedy”.