Results 321-340 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: I move amendment No. 37: In page 10, line 33, to delete “15 days” and substitute “20 days”. This amendment would change the period from 15 days to 20 days. This will be helpful. It is effectively a working month, five working days per week. This will allow consumers an extra week in which to shop around, if they see fit.

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

Michael D'Arcy: A provision of 15 days is three working weeks. We added an extra week of notice, which is an extra third. Doubling the 15 days to 30 days allows more time than is necessary. If given 30 days, most people will probably start shopping around late in the period anyway.

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

Michael D'Arcy: Yes. The intention is that it be read as working days. It should be noted that the Central Bank recently amended the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007, following a recommendation of the motor report. The timeframe will be 20 days from 1 November 2019. These are 20 working days, which is a month.

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

Michael D'Arcy: It is in secondary legislation.

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

Michael D'Arcy: We can clarify that.

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

Michael D'Arcy: I do not know the answer to that question. I will find out and we can review it on Report Stage.

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. 38: In page 10, lines 33 and 34, 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. 39: In page 11, lines 24 and 25, to delete “, provided those terms comply with the requirements of section 17”. I propose a number of amendments to section 14. The primary purpose of these amendments is to implement recommendation 8 of the motor insurance report and recommendation 10 of the employer and public liability insurance report to ensure...

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

Michael D'Arcy: No. I am saying that we can review it on Report Stage in light of the counsel's opinion.

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

Michael D'Arcy: I am.

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

Michael D'Arcy: Unfair and onerous.

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. 40: In page 11, to delete lines 29 to 37 and substitute the following: “(4) Without prejudice to any other duties in this section and to an insurer’s right to make the final determination in relation to a claim, the insurer shall be under a duty to— (a) handle promptly and fairly any claim made in relation to the contract of insurance (a...

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

Michael D'Arcy: The amendment states: In page 12, lines 31 to 33, to delete all words from and including “Notwithstanding” in line 31 down to and including “where” in line 33 and substitute “Where”.

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

Michael D'Arcy: It is referring back to section 15(1).

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

Michael D'Arcy: Yes. It refers back to section 15(1) on page 12 of 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: Amendment No. 67 in section 22 proposes a new section 22(4) that sets out that the sum of claim must not exceed court jurisdiction.

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

Michael D'Arcy: It was one of the first things I tried to get done when I came into this job. We anticipated it would be done on a voluntary basis. That has not been the case, however. This is the only method by which we are able to do this. There will be an engagement. I have been critical of the insurance companies and their settlement channels because it is easy to settle when one is going to load...

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

Michael D'Arcy: I am happy to accept that.

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

Michael D'Arcy: There is not a statutory figure on this. This is number which has been built up as a matter of practice over a period of years. It seems to be an Irish practice and is not evident in other jurisdictions. I do not have a final figure on it, but I have been told that it is quite arbitrary. Some companies do 30%, others do 20% and they can pick and choose as they see fit. I was of the view...

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

Michael D'Arcy: We have a view on this. We think that the word used, namely, "unreasonably", could lead to much interpretation. The wording, "unreasonably withholds payment" or "unreasonably delays" could give rise to many potential court dates. On that basis we think that it is not required.