CC
Gerry Horkan
I welcome to the House the Minister of State, Deputy Richmond.
Seanad Éireann · 2024-10-02
10 contributions · 3 speakers · 277 words
The Bill represents an important step in enhancing protection for motor insurance policyholders by transposing the EU's sixth motor insurance directive into law in Ireland. Ultimately, the Bill represents a positive development for consumers by making it easier for claimants to seek compensation, where due, following a motor insurance failure.
In order to achieve this, the Bill builds upon the existing insurance compensation framework currently in place within the State through the appointment of the Motor Insurers Bureau of Ireland as the national compensation body with the centralised function of compensating policyholders and injured parties. This Bill also complements the deep and wide-ranging reforms to the insurance industry, via the action plan for insurance reform, to achieve a competitive and sustainable insurance market.
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I welcome to the House the Minister of State, Deputy Richmond.
When is it proposed to take Report Stage?
Now.
Is that agreed? Agreed.
When is it proposed to take Fifth Stage?
Now.
Is that agreed? Agreed.
I understand the Minister of State would like to make a few concluding remarks, which I will allow him to do.
I thank all Senators for their constructive engagement on this Bill but particularly Senator Casey, who led off for the Government in the Upper House. I thank Senators for facilitating the Bill's timely passage. I know from our previous discussion on Second Stage that, as was the case in the Dáil, there is broad support for the provisions of the Bill to ensure that injured parties will get their just compensation in a timely manner.
The Bill represents an important step in enhancing protection for motor insurance policyholders by transposing the EU's sixth motor insurance directive into law in Ireland. Ultimately, the Bill represents a positive development for consumers by making it easier for claimants to seek compensation, where due, following a motor insurance failure. In order to achieve this, the Bill builds upon the existing insurance compensation framework currently in place within the State through the appointment of the Motor Insurers Bureau of Ireland as the national compensation body with the centralised function of compensating policyholders and injured parties. I look forward to engaging further with the Motor Insurers Bureau of Ireland at its conference this Friday.
This Bill also complements the deep and wide-ranging reforms to the insurance industry, via the action plan for insurance reform, to achieve a competitive and sustainable insurance market. The bulk of actions in the action plan for insurance reform are now completed or in progress, including all ten principle actions. These include the introduction of the personal injury guidelines, reform of the Injuries Resolution Board and the overall duty of care. I believe this Bill complements the work that has been delivered by this Government through its tenure and overseen by the Cabinet committee sub-group on insurance reform.
I again thank Senators for their constructive consideration of the Bill, along with all those who helped to facilitate its progress through the Oireachtas. I thank the officials in the Department of Finance who have worked assiduously on what is particularly legislation that required detailed discussion on Committee Stage at the select committee on finance. I am very grateful for their efforts. I thank the Acting Chair for his expeditious chairing of this session. It is not quite the Dundrum area committee - it is a little more lofty than that - but the Acting Chair has been as efficient as ever.
I thank the Minister of State. As a member and Vice Chair of the finance committee in the last term, I know how complex this area is. That we got through it quite expeditiously, as the Minister of State mentioned, is a testament to the legislation that has been put together by the Minister's officials. It is so important we have unanimity in this House on this topic. I thank Senators Casey and Maria Byrne for their efforts and their significant contributions on Second Stage.