Legislation for insurance intermediaries
Flynn sought a commitment and timetable for legislation regulating insurance intermediaries. Collins confirmed his commitment to legislation, said submissions were being considered, and welcomed specific reports of irresponsible advertising in the meantime.
asked the Minister for Industry, Trade, Commerce and Tourism when legislation to deal with insurance intermediaries will be introduced.
Comment on this
My Department are examining submissions received recently from interested parties arising out of the options I outlined in May 1984. A number of further submissions are expected.
When these have been examined I will bring forward proposals. I hope to deal with this subject as quickly as practicable in the context of the parliamentary timetable; but, as the Deputy will appreciate, I am not in a position to specify a particular date by which legislation will be introduced.
Comment on this
Do I take it from the Minister's reply that he is giving the House an undertaking that he is committed to introduce legislation for the registration of intermediaries?
Comment on this
That is correct. I am anxious that the legislation will be comprehensive and effective, and I am sure the Deputy will appreciate that. I would need to have full consultation with the industrial interests to ensure that whatever legislation I introduce is effective.
Comment on this
Does the Minister of State consider it appropriate that in the interim period all brokers should have professional indemnity insurance?
Comment on this
That is a matter that cannot be dealt with now on an ad hoc basis. It is something I should like to see realised. I am considering the legislation in the broadest sense, and as soon as I have examined all the submissions I will bring in the necessary legislation.
Comment on this
Will the Minister not agree that there is some disquiet among the general public as to some very irresponsible advertising by certain brokers who may not be associated with some of the recognised groupings? Perhaps while we are awaiting the legislative process the Minister might take up this matter?
Comment on this
I would be happy to hear about whatever specific cases the Deputy wishes to bring to my attention. Recently my Department put a notice in the newspapers regarding two companies who were offering insurance and who were not licensed here. We are very active in this area to ensure that our regulatory controls are effective.
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