Insurance Bill, 1983

Public bill · Government · Presented

The Insurance Bill 1983 would allow the court, on the Minister’s application, to appoint an administrator to take over an insurer in financial difficulty and try to keep its business running while restoring it to a sound financial position. The administrator could use the Insurance Compensation Fund to meet costs and carry out the appointment, and—subject to court approval—could be given control over closely connected companies where necessary. It would also allow the Minister to make rules for the proper running of non-life insurance and change how insurers contribute to, and how administrators use, the compensation fund. Some related court hearings could be held privately.

Last updated 10 June 2020