Mr. Ciar?n Breen:

In order that the Deputy will understand exactly what our remit is in respect of the insurance compensation fund, it is by virtue of the Insurance (Amendment) Act 2018. Where an insurer goes into liquidation, the appointed liquidator is obliged to notify the insurance compensation fund. If the liquidator is in a member state and is authorised to carry on business here, our function is twofold. One, we look at the body of claims which form the application to the President of the High Court to make a payment out of the insurance compensation fund. Having carried out due diligence and provided a report, we are then, under the Act, obliged to make the application to the president for payment of the claims.