Dermot Ahern (Louth, Fianna Fail)

This amendment is intended to introduce some flexibility in the requirement to make contributions to the compensation fund. The Bill provides for the establishment of a compensation fund to provide compensation to clients who lose money as a result of dishonesty on the part of licensees. The Bill also provides that licensees must have professional indemnity insurance. It is a matter for the property service regulatory authority to determine the nature and level of the professional indemnity insurance which licensees must have available to them. The authority may require employers' professional indemnity insurance to cover dishonesty on the part of their employees, including employees who are licensees, in which case it would not be necessary for employees to contribute to the fund.

Amendment agreed to.