ISME featured in the media
South East Radio, 25/09/19
ISME CEO Neil McDonnell discussed the Twomey judgement with Alan Corcoran on Morning Mix on South East Radio.
Listen back here at 42:30
The Role of Professionals in the Twomey Judgement
DUBLIN, Ireland, Sept. 24 — The Irish Small and Medium Enterprises Association issued the following news release: The reporting of the Twomey judgment by Charlie Weston in the last Saturday’s Irish Independent raises a number of serious peripheral issues with the current insurance reform process, especially regarding the roles of professionals such as medical experts and insurers.
Insurance reform in the media
The Independent, 21/09/19
Judge criticises lawyers and doctors as fraudulent claim case is dismissed in court
A High Court judge has been highly critical of a Limerick solicitor, a senior counsel and a consultant physician in a judgment in a case in which he dismissed one claim as fraudulent and another as exaggerated and misleading.
The Business Post, 22/09/19
Central Bank should ‘share’ insurance regulation role
Business leaders have said the Competition and Consumer Protection Commission is a ‘more natural fit for regulation’ of the insurance sector from a consumer protection point of view. A group of Irish business leaders have called for the Central Bank to be partly stripped of its consumer protection mandate in response to the national insurance crisis.
Read here (Paywall)
RTE News, 23/09/19
How can Ireland address its ‘compo culture’?
Opinion: there’s a perception that insurers can afford to pay, but it’s ordinary businesses who end up paying through higher premiums – something has to give. Insurance works on the basis of spreading risk. Instead of being liable for the full value of a loss, a customer takes out a policy with an insurance company, which then agrees to pay some (rarely all) of a loss should it be incurred, in return for a fixed premium.
The Irish Times, 25/09/19
Reform of financial advice sector doesn’t go far enough
How financial advisors get renumerated for their work has long been a contentious issue. Almost two years after it first published its consultation document on the issue – and almost two decades since it first became a topic of discussion, with the creation of the Irish Financial Services Regulatory Authority (IFSRA) – the Central Bank of Ireland has made a definitive declaration on the thorny issue of whether or not financial brokers should be remunerated by commission.
RTE News, 25/09/19
Brokers accepting commission to lose independent title
Brokers and financial advisers will no longer be able to describe themselves as independent if they accept commission from product providers in circumstances where advice is provided. This is under new Central Bank rules which are set to come into force next year.
Tipperary Live, 25/09/19
Tipperary County Board plan to host a “key” seminar on club insurance at the Anner Hotel
County Board chairman John Devane has described an up-coming seminar on insurance as a “key one” for the clubs of Tipperary to attend – at the September meeting of the County Board in the Sarsfields Centre in Thurles on Tuesday, September 23 PJ Maher, the chairman of the development committee, revealed that the County Board will host an insurance seminar at the Anner Hotel in Thurles on Thursday, October 10.
Donegal Democrat, 25/09/19
Insurance Industry must stop punishing loyal customers with dual pricing – Pearse Doherty TD
Sinn Féin finance spokesperson, Pearse Doherty TD has called on the insurance industry to end the practice of dual pricing that punishes loyal customers when they renew their insurance. He encouraged customers to apply for an insurance premium online before accepting the renewal premium offered by their insurance companies.
The Irish Times, 26/09/19
Speculative litigation being promoted by ‘economic incentives’, conference told
Some barristers are being ‘rewarded for failure’ by insurers, says Rossa Fanning. A leading barrister has blamed “economic incentives” for claimants, lawyers and insurance companies, for pushing up costs in negligence and personal injury claims.
The Independent, 27/09/19
Central Bank is set to be quizzed on ‘insurance rip-off’
The Central Bank is to be called before the powerful Oireachtas Finance Committee to explain why it is not clamping down on insurers charging existing customers more than new ones. Several insurers in this market are using so-called dual-pricing software to identify customers who they can overcharge, it has been alleged.
THIS WEEK’S ARTICLES FROM THE IRN
Euro Car Parts worker sought use of covert recordings in investigation
A warehouse assistant’s claim that a workplace investigation was flawed, because the investigator opted not to incorporate a covert recording the worker had taken, has failed at the Labour Court.
Waterford Institute liable for sexual harrassment of lecturer by students
The Labour Court has ruled Waterford Institute of Technology (WIT) must pay a lecturer €10,000 for sexual harassment she was subjected to, perpetrated by students, between 2014 and 2015.
Gym worker was looking to ‘play disability card’, claim rejected
A former employee of a gym has failed to establish a prime facie case of disability discrimination at the WRC, against Xtreme CSC who dismissed her for poor performance.