Results 481-500 of 1,034,231 for in 'Dáil debates' OR (speaker:Damien English OR speaker:Jim O'Callaghan OR speaker:Michael Ring OR speaker:Neale Richmond) in 'Committee meetings'
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: We will engage fully with the Deputy tomorrow morning on that specific issue and we are willing to continue to do so. With regard to the delay in transposition, it should be recognised, and it was stated on Second Stage by a Deputy from a different party, that this piece of work we are trying to do goes beyond the requirements of the directive. We were required to use primary legislation,...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: It has been 40% since 2016.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: That is as per the CSO data.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: The Minister of State is very welcome to the committee. This is interesting legislation. The primary purpose of it is to transpose the amending directive in respect of insurance companies that become insolvent. We have a history in Ireland of insurance companies going insolvent, regrettably. Presumably, the purpose here is that if a company goes insolvent, individuals insured by that...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: That is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: I am looking at section 8 of the Bill, "Publication of winding-up of insurer". If an application is made to wind-up an insurance company, does the objective of this legislation kick in at that stage? Do people bring the applications for their insurance claims to the compensation body at the time the winding-up petition is presented or do they have to wait for a final determination from the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: In short, they have to wait for it to be determined insolvent.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: So there has to be an outcome. Sometimes people can bring liquidation applications which ultimately do not succeed. A creditor can and they may not succeed. It will ultimately depend on an order from the court that it is wound up. Is there an extraterritorial effect? It is imposing an EU directive. If I am a holidaymaker in Spain and the insurance company I am insured with in Spain...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: The claim goes to the home insurer, so it goes to the Motor Insurers’ Bureau Ireland in that situation, if that person is a resident. To add to that, under the legislation, a one-stop shop is provided by the Motor Insurers' Bureau Ireland.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: The MIBI will be the compensation body.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: Up to now, it just deals with situations where somebody is injured as a result of an uninsured driver, whereas now it will also deal with somebody who has been injured by a driver whose insurance company has become insolvent.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: Exactly.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: It makes sense. When is it proposed to introduce the legislation into the Oireachtas, or is it in at present?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: As soon as possible. All going well this afternoon, we hope to bring this to Report and Final Stages in the Dáil next week, with the agreement of the Chief Whip.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: There may be a necessity, and there is a provision under the Bill for the Minister of State or whoever the relevant Minister is, to introduce regulations to give effect to in more detail. I think that is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: Absolutely. As I laid out at the outset, much of this could be done by statutory instrument but we need primary legislation to achieve the full totality of the transposition.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Jim O'Callaghan: I thank the Minster of State and the Chairman.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: If I may come back to some of the points that Deputy Doherty raised on the statistics, I take his point. I used the CSO last week on Second Stage with regard to the points the Deputy made directly. However, the NCID statistics are the most pertinent and they show a clear reduction. I completely agree with the Deputy. With regard to the questions he said he would put to the insurance...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: In short, there is no concern. I will go into a little detail which might provide the information and the differences regarding the levy and the host-based and home based-systems, because we believe this change should allow sufficient flexibility for the Minister to introduce regulations requiring insurers writing risks outside the State to contribute to those financing arrangements, whether...