Oireachtas Joint and Select Committees
Thursday, 20 April 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed)
9:30 am
Mr. Seamus McCarthy:
Before we do so, Deputy Auliffe inquired as to the provision of the 1964 Act under which the court was able to order funds or at least approve the release of funds. Section 3C(1)(a) provides that amounts which are, in the opinion of the court, required in to enable the administrator to carry on the business of the insurer and to perform his or her functions in relation to the insurer, may be paid out of the fund. That seems to have been done by means of a 2018 amendment of or insertion into the 1964 Act. I believe that answers the question.