Michael McGrath
Ceist:165. Deputy Michael McGrath asked the Minister for Finance when the national claims information database will be fully up and running; and if he will make a statement on the matter. [53963/18]
Amharc ar fhreagraWednesday, 19 December 2018
Ceisteanna (165)
Freagraí scríofa
As the Deputy is aware the Central Bank (National Claims Information Database) Bill 2018, which underpins the proposed Database, is scheduled for Committee Stage and remaining stages in the Seanad tomorrow (20 December 2018).
I am hopeful that the Bill will be approved by the Seanad which will enable it to be enacted by the end of the year. I then intend to commence the relevant provisions in the Act in early 2019. This commencement process is necessary in order for the Central Bank to make its own regulations which are required for it to collect the relevant information for the database from insurers.
In this regard, it should be noted that the Central Bank has laid the ground for the collection of this data by carrying out a parallel technical specification exercise with insurers to ensure that the Database can be operationalised quickly following the enactment of the legislation.
The Central Bank has indicated that subject to the timeframes for enactment and commencement of the Act, it plans to collect the relevant data from insurance undertakings in the first half of 2019, and to publish the first report based on the collected data in the second half of 2019.
It is therefore important that the Bill be enacted as soon as possible, and in that spirit, Minister of State D’Arcy looks forward to working constructively with members of the Seanad tomorrow.