Seanad debates

Thursday, 15 September 2011

Insurance (Amendment) Bill 2011: Second Stage

 

Section 9 concerns saving. The purpose of this provision is to provide a saving mechanism and to ensure any liquidations or administrations commenced before the Bill comes into effect will continue to be subject to the old rules. This is the standard convention that a company under administration is protected under the rules that applied when the company went into administration. The effect of this is to ensure that Quinn Insurance Limited remains under administration as if this Bill had not been introduced.

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