Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

As I said at the outset, this is extremely technical legislation. I thank the Senators who contributed to this debate and outlined their support for the Bill. I look forward to engaging further with them on Committee and Report Stages as the Bill completes its journey through both Houses. The Motor Insurance Insolvency Compensation Bill represents an important enhancement of protection for motor insurance policyholders by transposing the EU's sixth motor directive. Ultimately, it represents a positive development for consumers by making it easier for claimants to seek compensation where due. In order to achieve this, the Bill builds upon the existing insurance compensation framework currently in place within the State through the appointment of the Motor Insurers' Bureau of Ireland as the national compensation body. The new framework for the presentation and processing of motor vehicle liability claims to the motor compensation body requires that complainants should receive payment of compensation within three months from the date their offer is accepted.

In terms of funding, the compensation body will have recourse to the insurance compensation fund to cover its costs and expenses while performing its duties under the Bill and to provide it with the funds it needs to compensate injured parties when such payments are due.

Again, I thank Senators today and, previously, Deputies in Dáil Éireann, for their contributions to the development of this Bill. The underlying policy importance of this legislation is clearly recognised by the Senators here today. The Bill will transpose Articles 10a and 25a of the motor insurance directive into law in Ireland and most importantly, ensure that injured parties will get their just compensation in a timely manner. I commend the Bill to the House and hope it will receive strong support from across Seanad Éireann. I look forward to engaging further with Senators on Committee and Report Stages. I thank the Cathaoirleach for chairing this debate and Senators for their contributions this afternoon.