Oireachtas Joint and Select Committees
Thursday, 23 February 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer
9:30 am
Colm Burke (Cork North Central, Fine Gael) | Oireachtas source
I will ask about the whole insurance industry. PMPA was the first company to enter administration, which happened in the 1980s. In the period 2010 to 2016, four insurance companies went into liquidation or administration. The State had to intervene to provide support to policyholders. Are we now satisfied there are adequate systems in place in respect of insurance companies? Four companies found themselves in difficulty over a very short timeframe. A substantial amount of money was involved. With Quinn Insurance Limited, the amount in question was over €1 billion.
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