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

130. To ask the Minister for Finance when he expects to sign the commencement order for the Insurance (Amendment) Act 2018; the reason it has taken this long to sign the order; when he expects the next payment from the insurance compensation fund; and if he will make a statement on the matter. [36996/18]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Insurance (Amendment) Bill, was signed into law on 24 July 2018 and therefore is operational from that date. The Act provides for a separate commencement of Part 4 – Motor Insurers Insolvency Compensation Fund. The necessity for this staggered approach is to allow the Motor Insurance Bureau of Ireland, MIBI, adequate time to put arrangements in place for this new Fund. The Deputy should note that I signed the necessary commencement order late last week and have provided for a 1 December 2018 commencement date.

Under the provisions of the Insurance (Amendment) Act 2018, revised arrangements are now being put in place for the ongoing administration and management of the ICF. Under the new arrangements, the State Claims Agency can make an application to the High Court in accordance with the amended legislation, no more than once in any 3 month period. While, no date has been fixed for the next payment, I am informed by the State Claims Agency that preparatory work is underway in respect of further settled claims as well as the balance owing of 35% to any third-party motor claimants who have been already paid 65%, with a view to making an application before the end of October.