Dáil debates

Thursday, 12 July 2018

Insurance (Amendment) Bill 2018: Committee and Remaining Stages

 

8:05 pm

Photo of Michael D'ArcyMichael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The main objective of the new motor insurers insolvency compensation fund which is to be established by the MIBI is to ensure the 35% contribution will be covered by the industry. It will be a private industry, rather than a State, fund. Therefore, how the fund is held and managed will be a matter for the MIBI and the insurance industry. In terms of accountability, the Bill provides for the MIBI to advise the Minister for Finance of the amount held in the fund annually, or on request. The annual amount of contributions payable by individual insurers will be certified by an auditor.

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