Pearse Doherty (Donegal, Sinn Fein)
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295. To ask the Minister for Finance to provide information on the Insurance Investment Fund; the way the fund is stored and accounted for by the Central Bank; the annual revenue into the fund each year since 2018; the cumulative total within the fund each since 2018; and if he will make a statement on the matter. [3141/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The purpose of the Insurance Compensation Fund (ICF) is to provide a certain minimum level of protection for insurance policy holders should an insurance company go into liquidation. The Fund also allows certain insurance company administrators to apply to the High Court for funding where necessary in order to enable them to meet their financial obligations as they arise.

The Central Bank of Ireland has responsibility under Section 6 of the Insurance Act 1964 to carry out an annual assessment of the needs of the Fund and, where it is of the opinion that the state of the Fund is such that financial support should be provided for it, it is allowed to determine an appropriate financial contribution to be paid to the Fund.

Where there are insufficient funds available to enable payments out of the Fund to be made expeditiously, Section 5 of the Insurance Act 1964 allows the Minister for Finance to advance the necessary monies to the Fund in the form of a repayable loan, on the recommendation of the Central Bank. Such advances are subject to interest charges.

The following figures, which are submitted to me annually by the Central Bank of Ireland, are laid before the Houses of the Oireachtas and published annually on my Department's website in the Annual Report on the Administration of the Insurance Compensation Fund.

In accordance with section 2(8) of the Insurance Act 1964, the financial statements for the ICF for the year ended 31st December 2024 will be audited by the C&AG and included in a report to be laid before the Oireachtas in 2025. This report will include the audited figures for 2024.

The way the Fund is stored and accounted for by the Central Bank of Ireland

The Central Bank of Ireland (the Central Bank) is responsible for the administration of the Insurance Compensation Fund pursuant to the Insurance (Amendment) Act 2018 which was enacted on 24 July 2018. The Fund balance is deposited with the Central Bank. The Central Bank prepares separate financial statements for the Fund in accordance with FRS102, the financial reporting standard applicable in the UK and Ireland issued by the Financial Reporting Council (FRC), as promulgated by Chartered Accountants Ireland.

Annual Revenue and Cumulative Total within the Fund

The annual revenue into the fund each year since 2018 and the cumulative total within the fund each year since 2018 can be found in the table below: