Committee Reports::Report No. 03 - Life Assurance Non-Life Assurance::07 February, 1978::Proceedings of the Joint Committee



Dé Máirt, 7 Feabhra, 1978

Tuesday, 7th February, 1978

1. The Joint Committee met at 4.30 p.m.

2. Members Present.

The following Members were present:

Deputies Clinton (in the Chair), Daly, Síle de Valera, Griffin, Leonard, Mc Creevy, O’Keeffe and Woods; Senators FitzGerald, Harney, Hussey, Hyland, Robinson and Eoin Ryan.

Deputies Power and Senator Brugha, Members of the European Parliament, were also in attendance.

6. Draft Report on Proposals for Council Directives relating to Life Assurance and Non-Life Insurance.

The Chairman brought forward a Draft Report which was read as follows:—

(i) Paragraphs 1 to 6 inclusive, agreed to.

(ii) Paragraph 7.

Amendment Proposed (Senator FitzGerald):

“In page 4, line 9, after “Ireland”, to add the following:—

‘the existing Irish law should apply and’.”

Amendment agreed to.

Paragraph, as amended, agreed to.

(iii) Paragraphs 8 to 16 inclusive, agreed to.

(iv) Paragraph 17.

Amendment Proposed (Senator FitzGerald):

“In page 8, paragraph 17 after “Fund” at the end of the second sentence to insert the following:—

‘It is not within the terms of reference or the competency of the Joint Committee to comment on whether the provisions of the Act relative to the Fund constitute an adequate safeguard for companies, which manage their affairs prudently, from the potential damage to their interests (and the interests of their policy holders) caused by companies not so managed. But’.”

Amendment agreed to.

Paragraph, as amended, agreed to.

(v) Paragraph 18 agreed to.

Draft Report, as amended, agreed to.

Ordered: To report accordingly.

7. Adjournment.

The Joint Committee adjourned at 5.30 p.m.