Insurance (Amendment) Bill 2018
Public bill · Government · Presented
The changes would overhaul how people are paid when an insurance company goes bust, especially in motor insurance cases. It moves day-to-day control of the main compensation fund to the Central Bank, sets up a new motor insurers’ compensation fund to be built up by contributions from motor insurers, and raises protection for many third-party motor claims, including full payment for personal injury claims and better coverage for older liquidations. It matters because it improves and speeds up payouts to injured people and other claimants, while also making the funding system clearer and more sustainable.
Formal long title
Bill entitled an Act to amend and extend the law relating to insolvent insurers; to provide for the transfer of the administration of the Insurance Compensation Fund to the Central Bank of Ireland; to provide for the conferral of certain functions on the Central Bank of Ireland and the National Treasury Management Agency relating to the Insurance Compensation Fund and payments to certain persons in the case of insolvent insurers; to provide for the establishment of a fund to be known as the Motor Insurers Insolvency Compensation Fund and the manner in which that fund shall be administered, controlled and managed by the Motor Insurers' Bureau of Ireland; to provide for the making of contributions by vehicle insurers to that fund, the rate of the contribution to be made and adjustments to that rate; to provide for enforcement of the provisions relating to the making of those contributions; for those purposes to amend and extend the Insurance Act 1964 and the National Treasury Management Agency (Amendment) Act 2000; and to provide for related matters.
Last updated 31 July 2018
- Minister for Finance Primary
- First StageDáil
- Second StageDáil
- Committee StageDáil
- Report StageDáil
- Fifth StageDáil
- Second StageSeanad
- Committee StageSeanad
- Report StageSeanad
- Fifth StageSeanad Enacted
- EnactedEnacted
- Insurance (Amendment) Bill 2018: Second Stage Seanad
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages Seanad
- Insurance (Amendment) Bill 2018: Order for Committee Stage Dáil
- Insurance (Amendment) Bill 2018: Committee and Remaining Stages Dáil
- Insurance (Amendment) Bill 2018: Order for Second Stage Dáil
- Insurance (Amendment) Bill 2018: Second Stage Dáil
- Insurance (Amendment) Bill 2018: Referral to Select Committee Dáil