Results 121-140 of 4,593 for speaker:Neale Richmond

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: It relates to the existing legislation. I will ask Mr. Ó Collatáin to give clarity on this.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I move amendment No. 2: In page 18, line 19, to delete "section 3A" and substitute "sections 3A and 3K". I have discussed these. As I have said, they are technical.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I thank the Deputy. I appreciated his raising of the matter on Second Stage. In short, the answer is "No", but I want to give the Deputy the detail on why. The reports produced by the State Claims Agency under section 16 will relate to specific claims that have been audited. It would be inappropriate to lay reports of such granular detail before the Oireachtas. There are also concerns...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: As I said, the audits will be of individual cases and will go into such detail that it will be very hard to publish anything that is not commercially sensitive or, indeed, that will not lead to piecing together that would make sources identifiable.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I suppose there would be a secondary report because section 18, as the Deputy knows, provides for the preparation of a report following the occurrence of an insolvency event to assess how the governance processes we are talking about under sections 16, 17 and 18 operate in the context of such an event. The purpose of this report is to allow the Minister to identify any potential enhancements...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I take the Deputy's point on the need for transparency and oversight, and that is why there is in the wider legislation an allowance for an ex ante check to be carried out by the State Claims Agency based on a material threshold, which the Deputy will probably raise in respect of the next section. Furthermore, an ex post audit will be carried out and a statement of the amounts of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: If it is in receipt of State moneys, it does.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: For a possible audit, the information will be submitted by the Central Bank.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: The first port of call on this is the State Claims Agency. It is the most relevant body. The Comptroller and Auditor General will review the insurance compensation fund, and the Motor Insurers Bureau of Ireland will be part of this review. It must be stated that this approach is utterly consistent with the separate collection (deposit return scheme) regulations 2021. There is nothing new...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I am sorry, I read that wrong. I referred to the regulation reviewing the deposit return scheme.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: We are talking about multiples, to be fair. It is not about the individual. As per the regulations, it can be a large transfer.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Perhaps we could, in a parallel session, provide more information on the entire governance framework. I completely understand the point the Deputy is making and I understand the aspiration. Equally, the Deputy can understand that when we talk about the level of commercial exposure and the potential for individual privacy and everything else, it is difficult to achieve. As I said, I am more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: Absolutely.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I completely understand the Deputy's point and am more than happy to take it away and check with State Claims Agency. If it is possible, I will try to meet the Deputy in the middle. This is not a matter about which the Deputy and I disagree.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I do not want to do anything to jeopardise the swift passage of the Bill or the Deputy's confidence in it. As I said, I am more than happy to take that point away and come back to the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I thank the Deputy. The Department identified a potential drafting ambiguity in the text of the Bill as initiated insofar as section 27 could potentially be interpreted as making the rights of the compensation body set out in section 27(c) of the Bill unavailable because of where the amendments to the 1964 Act are positioned in the text. Accordingly, this could hinder the ability of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I thank the Deputy. The directive imposes a strict three-month timeframe within which the compensation body must make an offer of compensation or reasoned reply to the claimant. In order to work within these strict timeframes, any audit that is carried out on an ex-ante basis needs to balance the interests of carrying out a comprehensive audit of as many claims as possible with the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: I move amendment No. 3: In page 29, after line 41, to insert the following: “Circumstances in which Compensation Body or compensation body (other) to be creditor of relevant insurer 30. The Act of 1964 is amended by the insertion of the following section after section 3J: “3K. (1) The Compensation Body shall, in the case of any compensation paid by it under section 9 of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Insolvency Compensation Bill 2024: Committee Stage (3 Jul 2024)

Neale Richmond: No.

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 not in my gift. The Deputy knows better than I that there is a very busy legislative schedule but we asked the Chief Whip to get this to this as soon as possible, potentially next Wednesday. I thank the Leas-Chathaoirleach and the committee for this session, particularly for allowing us to go into private session to provide clarification. I hope it will be next Wednesday, all going...