Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

This section gives statutory effect to the motor insurers insolvency compensation fund which is a key element of the Bill. It is to be administered by the Motor Insurers Bureau of Ireland, MIBI. It has been described as an ex antefund. It is intended that it will be built up in advance of a failure of an insurance firm, something we hope will never affect Irish consumers again. Will the Minister of State clarify that the fund will have full statutory effect? Is its administration entirely a matter for the MIBI? As I understand it, the MIBI is a collaborative arrangement between the insurance industry and the Department. Will the Minister of State clarify how the fund will be administered? What oversight or controls will there be to ensure it will be administered to the highest standards? Will there be an audit trail? What level of accountability will there be for this fund? Will the Minister of State clarify these matters?

See this speech in context