Mr. Kevin Thompson:

It is proposed that the levy will be collected via the Motor Insurance Bureau of Ireland, MIBI. The reason is that anyone who wants to act in the marketplace, that is, sell motor insurance, must be a member of the MIBI. This applies both to insurance companies domiciled here and insurers passporting into this country from other jurisdictions. The MIBI will collect the 2% on an annual basis and build up and hold the fund. In the event that an unfortunate event, namely, a liquidation, takes place, the insurance compensation fund will call on the Motor Insurance Bureau of Ireland to make remittance to the ICF.

In very simple terms, that is how the mechanics of it will work. The Motor Insurers Bureau of Ireland, MIBI, will collect and hold, and the insurance compensation fund, ICF, will call against MIBI as and when it needs to do so.