Michael Noonan (Limerick City, Fine Gael)

Section 5 repeals section 4 of the Insurance Act 1964 which is obsolete as it relates to a specific insolvency in 1964, namely the insolvency of the Equitable Insurance Company Limited. This provision allowed the Minister for Finance to provide a grant of £30,000 to the fund out of moneys provided by the Houses of the Oireachtas under section 3 of the existing legislation, to the liquidator of Equitable Insurance Company Limited. This matter has been resolved a long time ago so the Office of the Attorney General has agreed this provision is no longer necessary.

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