Written answers

Thursday, 26 March 2009

Department of Finance

Insurance Industry

4:00 pm

Photo of John DeasyJohn Deasy (Waterford, Fine Gael)
Link to this: Individually | In context

Question 92: To ask the Minister for Finance if he will explain the law as it relates to insurance claims that have been taken against companies that subsequently went out of business; and if he will make a statement on the matter. [12716/09]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

I presume the Deputy is referring to claims being made against insolvent insurers who are unable to meet policy holders claims. A compensation fund exists for non life insurance companies. However no such fund exists for life companies. The compensation fund for non life insurance companies was set up under Section 2 of the Insurance Act 1964 (the Act). Section 3 of the Act provides that monies from the Insurance Compensation Fund can be used to pay, subject to certain conditions, monies to consumers in respect of parts of their claims and to support the administration of the insolvent insurance company on a going concern basis.

Comments

No comments

Log in or join to post a public comment.