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RSA Directors Suspended

24

Comments

  • #32
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭Billy86


    Fred Swanson wrote: »
    This post has been deleted.
    If you are married (or cohabiting) and the OH has a clean, Irish licence and driving record they will almost guaranteed bring the cost of your insurance down, not up.
    MadsL wrote: »
    Interesting - the Data Protection Commissioner is still trying to get a proper response from them with regard to my complaint about them basing insurance on this question which is in breach of the Data Protection Acts.
    It's to ascertain whether or not you had any accidents of claims while living abroad (if insured). Though yes, one company I previously worked for increased the cost of motor policies if you have lived outside Ireland in the last 2 years. AND they told us to never tell that to the customer... very fishy.

    Though if you are still residing outside the Republic, standard insurance policies won't cover you by industry guidelines. I always thought that was kind of stupid regarding car insurance (so long as the car was kept in Ireland, or at least for the policy to be active), but sadly it is what it is. Different for home insurance mind, although you couldn't list it as an owner-occupied address (you could as a holiday home, though).


  • #33
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    Billy86 wrote: »
    It's to ascertain whether or not you had any accidents of claims while living abroad (if insured).

    Regardless it is a breach of data protection legislation to ask question not related to driving.
    Though yes, one company I previously worked for increased the cost of motor policies if you have lived outside Ireland in the last 2 years. AND they told us to never tell that to the customer... very fishy.

    Blatant discriminatory tactic.


  • #34
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭Billy86


    MadsL wrote: »
    Billy86 wrote: »
    It's to ascertain whether or not you had any accidents of claims while living abroad (if insured).

    Regardless it is a breach of data protection legislation to ask question not related to driving.
    Like I said, it's a grey area but there are other questions asked such as "have you ever been convicted of a criminal or non-motoring offense, been disqualified from driving, blah blah blah".

    There are a few things unrelated to driving that impact the cost of a policy, among them being non-physical disabilities/illnesses (e.g. depression), where you live (as in where the vehicle is kept overnight), and also your occupation (interestingly the cost of insurance goes UP for mechanics, and for people who work in insurance!).

    It's a standard question in scripting across much of the industry (everywhere I've worked, but I can't say everywhere full stop), but by and large I have no bloody clue why they ask it outside of checking if there were any claims in those countries.
    Blatant discriminatory tactic.
    Well at least we know it wasn't that crowd. :p


  • #35
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    Billy86 wrote: »
    MadsL wrote: »
    Like I said, it's a grey area but there are other questions asked such as "have you ever been convicted of a criminal or non-motoring offense, been disqualified from driving, blah blah blah".

    There are a few things unrelated to driving that impact the cost of a policy, among them being non-physical disabilities/illnesses (e.g. depression), where you live (as in where the vehicle is kept overnight), and also your occupation (interestingly the cost of insurance goes UP for mechanics, and for people who work in insurance!).

    It's a standard question in scripting across much of the industry (everywhere I've worked, but I can't say everywhere full stop), but by and large I have no bloody clue why they ask it outside of checking if there were any claims in those countries.


    Well at least we know it wasn't that crowd. :p

    Depression?:confused:


  • #36
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭Billy86


    delthedriver wrote: »
    Depression?:confused:
    Yeah it's an odd one, but they claim it increases the risk of you doing something crazy behind the wheel (a bit backwards in my opinion, but there you go!). Typically it doesn't impact your policy or premium, but a lot of companies will request a GP/psychiatrist/etc letter stating you are fit to drive.


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  • #37
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    http://www.independent.ie/business/irish/rsa-insurance-shares-fall-to-nine-year-lows-on-irish-probe-29743666.html


    Serious implications ,RSA shares fall to nine year low!

    Are other Insurers likely to be involved in such practice??????


  • #38
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    Billy86 wrote: »
    Yeah it's an odd one, but they claim it increases the risk of you doing something crazy behind the wheel (a bit backwards in my opinion, but there you go!). Typically it doesn't impact your policy or premium, but a lot of companies will request a GP/psychiatrist/etc letter stating you are fit to drive.

    :confused: Given 1 in 4 people suffer from Depression, that is a lot of Psychiatrists letters!


  • #39
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    delthedriver wrote: »
    http://www.independent.ie/business/irish/rsa-insurance-shares-fall-to-nine-year-lows-on-irish-probe-29743666.html


    RSA shares fall to nine year low!

    Good.


  • #40
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭Billy86


    delthedriver wrote: »
    :confused: Given 1 in 4 people suffer from Depression, that is a lot of Psychiatrists letters!
    Yep. Like I said, it's pretty ass-backwards. If you don't tell them it won't affect your policy or any claims 99.9% of the time, so long as the claim doesn't involve anything to do with said depression or erratic behaviour.


  • #41
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    Billy86 wrote: »
    Yep. Like I said, it's pretty ass-backwards. If you don't tell them it won't affect your policy or any claims 99.9% of the time, so long as the claim doesn't involve anything to do with said depression or erratic behaviour.

    Erratic behaviour in RSA !!!!:)

    Guess the Regulator will need to double check the Accounts of all the Insurers.????


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  • #42
    Filibuster
    Closed Accounts Posts: 361 ✭✭Filibuster


    I see the external auditors jumped ship before they had to give an opinion.


  • #43
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    MadsL wrote: »
    Good.

    Yeah , Good time to buy!:)


  • #44
    Fred Swanson
    Closed Accounts Posts: 21,723 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #45
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    Filibuster wrote: »
    I see the external auditors jumped ship before they had to give an opinion.

    Who are they?


  • #46
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    MadsL wrote: »
    Who are they?

    Not sure, one of the usual suspects I guess?

    Uberrima Fides, aka Utmost Good Faith, signing off on dodgy accounts:rolleyes: What else is going on in that business?

    Who are these Directors? Do they know anything about Insurance?

    So when we are finished with the Banking Inquiry, we can be then entertained by The Insurance Inquiry.

    Not helping prospective Investors to invest in Ireland:mad:


  • #47
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭Billy86


    delthedriver wrote: »
    So when we are finished with the Banking Inquiry, we can be then entertained by The Insurance Inquiry.
    The insurance industry makes the banking industry look like a bunch of squeaky-clean saints. Not just many upper management types in it, but even the very structures, rules and regulations of the industry itself.


  • #48
    take everything
    Registered Users, Registered Users 2 Posts: 9,995 ✭✭✭take everything


    delthedriver wrote: »
    http://www.independent.ie/business/irish/rsa-insurance-shares-fall-to-nine-year-lows-on-irish-probe-29743666.html


    Serious implications ,RSA shares fall to nine year low!

    Yet again our financial geniuses are world-beaters when it comes to fcuking businesses up.
    Kinda makes you proud in a way.


  • #49
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    Billy86 wrote: »
    The insurance industry makes the banking industry look like a bunch of squeaky-clean saints. Not just many upper management types in it, but even the very structures, rules and regulations of the industry itself.

    Yep. I have a long standing email exchanges with the data protection commissioner's office about each attempt to try and determine a premium based on non-driving factors.


  • #50
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    Billy86 wrote: »
    The insurance industry makes the banking industry look like a bunch of squeaky-clean saints. Not just many upper management types in it, but even the very structures, rules and regulations of the industry itself.

    Interesting, however the messing in RSA Ireland , which is the same size as the market in Manchester caused the share price to plunge by 17%.

    Are you convinced the Insurance Industry adheres to the rules and regulations? Are the Senior Personnel any different to the bods in the Banking sector? :)


  • #51
    [Deleted User]
    Posts: 19,205 ✭✭✭✭ [Deleted User]


    Ireland really giving the impression that nobody here can manage to string the necessary competence together to run any sort of financial institution.


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  • #52
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    take everything wrote: »
    Yet again our financial geniuses are world-beaters when it comes to fcuking businesses up.
    Kinda makes you proud in a way.

    They are Consistent!

    How much were these idiots being paid ?;)

    I guess idiots rise to the level of their own incompetency?;)


  • #53
    SpaceTime
    Closed Accounts Posts: 9,085 ✭✭✭SpaceTime


    delthedriver wrote: »
    What ever became of them?

    They all lived happily ever after like everyone does in the magic la-la land known as the financial services sector!

    Some pixie headed leprechauns arrived in the middle of the night and handed them a giant pot of gold.


  • #54
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    glasso wrote: »
    Ireland really giving the impression that nobody here can manage to string the necessary competence together to run any sort of financial institution.

    The Insurance Companies have been flying under the radar while the spotlight was on the banks.;)

    Time will tell if there have been other naughty boys in the Insurance playground.:rolleyes:

    If I were the Regulator I would review the accounts of all the Companies. Perhaps similar practices have been going on elsewhere? Don't think it is exclusive to RSA?:confused:


  • #55
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    MadsL wrote: »
    Yep. I have a long standing email exchanges with the data protection commissioner's office about each attempt to try and determine a premium based on non-driving factors.

    Think it is more likely that Santa will visit you at Christmas:)


  • #56
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    Guess there is a lot of heavy breathing going on in the Boardrooms of other Insurance Companies right now.;)

    In the same way as the banks behaved recklessly, I would be surprised if RSA are not the only one's???? After all the other companies must be having a similar experience in terms of rising personal injury claims

    At the end of the day it will be the staff and customers who will suffer most


  • #57
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    delthedriver wrote: »
    if RSA are not the only one's???
    Have we forgotten Quinn Direct already?


  • #58
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    MadsL wrote: »
    Have we forgotten Quinn Direct already?

    I guess they got sucked in with the Anglo crisis?

    Since Liberty took over their book of business, yes we have possibly forgotten Quinn Insurance.


    So Quinn and RSA, who will be next?:(


  • #59
    P_1
    Registered Users, Registered Users 2 Posts: 14,681 ✭✭✭✭P_1


    delthedriver wrote: »
    I guess they got sucked in with the Anglo crisis?

    Since Liberty took over their book of business, yes we have possibly forgotten Quinn Insurance.


    So Quinn and RSA, who will be next?:(

    Please tell me that AIG/Chartis/AIG haven't been forgotten about already? Also lest we forget RSA buying out AON's Irish operation earlier on in the year too


  • #60
    delthedriver
    Closed Accounts Posts: 4,955 ✭✭✭delthedriver


    P_1 wrote: »
    Please tell me that AIG/Chartis/AIG haven't been forgotten about already? Also lest we forget RSA buying out AON's Irish operation earlier on in the year too

    What happened AIG & Chartis?

    Was not aware that RSA bought out AON?

    :confused:


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  • #61
    P_1
    Registered Users, Registered Users 2 Posts: 14,681 ✭✭✭✭P_1


    delthedriver wrote: »
    What happened AIG & Chartis?

    Was not aware that RSA bought out AON?

    :confused:

    http://en.wikipedia.org/wiki/AIG#Financial_crisis

    Nothing too dodgy with the Irish operation but I didn't like how they changed their name to avoid some of the flak they were getting (horrifically cynical in my eyes).

    Remember insure.ie? A few years back AON took them over as a way of breaking into the Irish insurance market changing the name to AONinsure.ie, RSA bought the business last year (presumably as a way of increasing 123.ie's market share)


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