Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

231. To ask the Minister for Finance to outline his plans to legislate to clearly distinguish the role of the Motor Insurers Bureau of Ireland and the Insurance Compensation Fund; and if he will make a statement on the matter. [10648/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Minister for Transport, Tourism and Sport and I have asked our officials to carry out a review of the framework for motor insurance compensation in Ireland.

The objective of the Review is to identify the features of a motor insurance compensation framework for Ireland that is comprehensive, effective, affordable and consumer-focused.

The Review will make recommendations on the arrangements for motor insurance compensation in the event of a liquidation or administration of an insurance company. Along with the arrangements in relation to the payment of compensation for victims of road accidents caused by uninsured and untraceable drivers.

The Joint Review Group has engaged with relevant stakeholders involved in governance and administration of the motor insurance compensation system. The frameworks for motor insurance compensation in other EU jurisdictions have also been considered.

The Joint Working Group will report in the coming weeks. I am not in a position to advise if there will be legislative changes at this time as the Review is still underway and its recommendations have yet to be finalised and considered.