Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I move amendment No. 3:

In page 29, after line 41, to insert the following: “Circumstances in which Compensation Body or compensation body (other) to be creditor of relevant insurer

30. The Act of 1964 is amended by the insertion of the following section after section 3J:

“3K. (1) The Compensation Body shall, in the case of any compensation paid by it under section 9 of the Act of 2024 or reimbursement paid by it under section 10 of that Act, be a creditor of the relevant insurer and the Compensation Body’s claim for the amount of such compensation or reimbursement, as the case may be, shall be—

(a) treated as an insurance claim for the purposes of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), and

(b) admitted in the proceedings for the winding-up as a proved debt of the insurer having priority to any sum remaining due under the policy.

(2) The compensation body (other) shall, in the case of reimbursement paid by it to the Compensation Body under section 10 of the Act of 2024, be a creditor of the relevant insurer and the claim of the compensation body (other) for the amount of such reimbursement shall be—

(a) treated as an insurance claim for the purposes of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), and

(b) admitted in the proceedings for the winding-up as a proved debt of the insurer having priority to any sum remaining due under the policy.”.”.