Brennan, Seamus

Wednesday, 1 June 1988

Seanad Eireann Debate
Vol. 119 No. 17

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Insurance Bill, 1987: Committee Stage (Resumed).

This is a new section. I want to ensure that auditors notify my Department as soon as they encounter any difficulties or potential difficulties facing a client's insurer. That is a fairly significan...More Button

I thank the Senators for their comments on this proposed amendment. I want to make clear that we are talking about financial requirements under the Insurance Acts. I would not be that interested in ...More Button

I have listened carefully, but I am not that taken with many of the arguments. There is something very fundamental involved here. Of course there is a duty on the auditor to shareholders, as Senator...More Button

I felt quite seriously that was unnecessarily bureaucratic, that if, in fact, an auditor finds something that in his opinion is likely to affect materially the company's obligations to its policyhold...More Button

I will not comment on the Extradition Bill under this legislation. The Cathaoirleach might decide it was outside the scope of the Bill. I want to say something which I think is the nub of this. Sect...More Button

I got advice on this point from the parliamentary draftsman. He took the view that it might not be workable to put a specific time limit on it. At the end of the day that is obviously our own decisio...More Button

The Senator might be misreading it. Their submission to me was that that five days was the time between the insurance company getting it and the auditor deciding that he had not passed it on. The au...More Button

It is simply a letter from an auditor, and he would almost certainly send a copy of that to an insurance company. It is laid down here that they would get a copy. It is simply a letter. It need not...More Button

I would not give election advice to anybody.More Button

The reason the powers in Part III are being taken is to enable me to curb excessive commissions should the need arise and they are, in effect, maximum price control powers. On the non-life side, some ...More Button

I thought I would mention it on this section. I would expect all sectors of the industry to regulate their affairs in a reasonable manner. However, it is not the intention that the Minister should i...More Button

The use of the words “by post” in this context limits the Minister to sending notices by post and notices not sent by post, for example, recorded delivery by hand, could therefore be deemed to be inva...More Button

Any appropriate method of communicating will be suitable.More Button

I hope these are fairly non-contentious amendments although that may be presumptuous of me. The use of the phrase “in respect of work carried out” in the Bill has two disadvantages. First, it tends ...More Button

We should deal with it under section 31. Perhaps we should leave it until we get to section 31. Amendment agreed to.More Button

This is a Government amendment to insert a new section.More Button

Yes, because they deal with that matter. Whether they can be moved is a technical matter. The effect of the original text of this section originally was to prohibit all commission payments in the fo...More Button

The court would decide on that. The purpose of this section is to make it an offence for an insurance company convicted under sections 30 or 31 of the Bill to publish, or to cause to be published, an...More Button

This is a new section and its wording is more easily understood than the existing text. The only change of any substance occurs in subsection (2). The original text required the total commission paym...More Button

The only source of information I have in that regard is the complaints section of my Department and the information from that section is that the cooling off structure seems to be working satisfactori...More Button

I start by focusing Senators' minds on the fact that we are now turning to Part IV of the Bill which deals with the regulation of insurance intermediaries. Before dealing with the specific amendments...More Button

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