Written answers

Wednesday, 20 April 2016

Department of Finance

Insurance Compensation Fund

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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96. To ask the Minister for Finance to provide the moneys paid out by the Insurance Compensation Fund for each of the past five years; the amount that would have been paid out if the ICF had no caps, absolute or based on percentage, on payments for third party claims, in tabular form; and if he will make a statement on the matter. [7339/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The payments from the Insurance Compensation Fund outlined below were in respect of insurance undertakings in administration and consequently no caps or limits applied, with the exception of 2014.  Payments in respect of that year included one claim relating to an insurance company in liquidation and thus the ICF limit of a maximum payment of 65% of the value of the claim or €825,000, whichever is lower, applied to the payment.

Payments made from the Insurance Compensation Fund 2011-2015

20112012201320142015
Payments €331,173,695.00€499,173,695.00€350,000,000.00€29,165.70€275,207,542.48
Notional amount no capNo differenceNo differenceNo difference€42,640.00No difference
Note 1: The payments detailed above do not include costs/fees paid.

Note 2: The ICF payments were reduced in 2014 as no payments were required to be made in respect of Quinn Insurance (In Administration).

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