Results 481-500 of 1,031,788 for in 'Dáil debates' OR in 'Committee meetings' (speaker:Tom Kitt OR speaker:Duncan Smith OR speaker:Thomas Byrne OR speaker:Neale Richmond OR speaker:Darren O'Rourke)
- 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)
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)
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)
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)
Neale Richmond: Yes.
- 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)
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)
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)
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...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: There are not. It is expected that the existing levies will be more than adequate to cover this.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: The ICF levy, to be clear, is a 2% levy and will then go down to 1%. We believe that one to be in the region of €135 million. When it reaches €150 million, it will reduce to 1%.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: Yes, roughly. I cannot give the Deputy the specific details but it is in that ballpark. It will be another two years before we expect the other levy to run out.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: That levy is at 2%.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: Potentially.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: It is at 1% already.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: It is not greater. There is a marginal reduction in exposure with everything else.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)
Neale Richmond: In a cross-border context where the relevant claim relates to an insurance undertaking that is authorised in another member state, the Irish compensation body, the MIBI, has the right to be reimbursed for the relevant compensation by its counterpart in the home member state of the insolvent firm. In practice, that means that if the insurer provides cross-border insurance services, 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 terms of how the MIBI operates as it is on a domestic basis, it is that comparison.