Insurance (Amendment) Bill 2011

Public bill · Government · Presented

Expands the Insurance Compensation Fund so it generally covers insured risks in Ireland, including policies from insurers based in other EU countries, when an insurer fails. Payments would remain limited to 65% of the amount owed or €825,000, whichever is lower, and Fund support for insurers under administration would generally be limited to firms doing at least 70% of their business in Ireland. All insurers covering Irish risks would contribute to the Fund through a levy, helping protect policyholders and secure the Fund’s future income.

Formal long title

Bill entitled an Act to amend the Insurance Act 1964 and the Insurance Act 1989 to provide for contributions to and payments from the insurance compensation fund and for related matters

Last updated 16 April 2018