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Amendment of section 3B of Act of 1964 (application where insurer in liquidation is insurer authorised in another Member State)
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12. Section 3B of the Act of 1964 is amended—
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(a) by substituting the following for subsection (1):
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“(1) In the case of an insolvent insurer authorised in another Member State in respect of which a person has been appointed who performs, in the other Member State concerned, the functions that a liquidator would perform in the State if the insolvent insurer authorised in another Member State were an insurer, where there is an amount payable to one or more persons under section 3, then—
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(a) the State Claims Agency may, from time to time but not more frequently than once in every 3 month period, apply to the High Court for approvals under that section in respect of those persons, and
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(b) the amount of the reasonable and proper costs and expenses of the application to the High Court under that section shall be paid out of the Fund.”,
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(b) by inserting the following subsection after subsection (1):
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“(1A) (a) The person referred to in subsection (1) who is appointed in respect of an insolvent insurer authorised in another Member State shall provide the following information to the State Claims Agency for the purposes of that Agency assessing and verifying whether the amount payable under section 3 is appropriate to the claim concerned on the basis of the information so provided:
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(i) details of the claims concerned, including an assessment and breakdown of the amount payable in respect of each claim;
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(ii) all documentary evidence in support of those claims (being documentary evidence in the form that the person so appointed required such evidence to be submitted to him or her).
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(b) The information specified in paragraph (a) shall be provided in such form and manner as the State Claims Agency may specify, from time to time, for the purposes of that paragraph.
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(c) The State Claims Agency shall, in support of any application by it to the High Court under subsection (1), prepare a written report—
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(i) setting out the information provided under paragraph (a) and the process of verification carried out by it in relation to that information, and
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(ii) confirming that the amount referred to in paragraph (a) has been verified by it as appropriate.”,
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(c) by substituting the following for subsection (2):
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“(2) Where an amount is approved for payment out of the Fund under section 3 in respect of a sum due under a policy issued by the insurer authorised in another Member State—
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(a) the Bank shall arrange for payment out of the Fund to the State Claims Agency of the amount ordered by the High Court under section 3 to be so paid and the State Claims Agency shall pay the amount in respect of the sum so due to the person in respect of whom it is due, and
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(b) the Bank shall, as respects the amounts paid out of the Fund, be a creditor of the insurer authorised in another Member State.”,
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and
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(d) in subsection (3)—
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(i) in paragraph (a) by substituting “Fund,” for “Fund, and”,
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(ii) by substituting the following for paragraph (b):
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“(b) if the Bank recovers an amount in the proceedings for the winding-up of the insurer (other than a vehicle insurer) authorised in another Member State in respect of that sum, the Bank shall pay the amount to the extent of that excess to the Fund, and”,
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and
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(iii) by inserting the following paragraph after paragraph (b):
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“(c) if the Bank recovers an amount in the proceedings for the winding-up of a vehicle insurer authorised in another Member State in respect of that sum, the Bank shall pay the amount to the extent of that excess, subject to the limitation prescribed by section 3(4) on payment out of the Fund, to the Fund, and any amount remaining after such payment to the Fund shall be repaid by the Bank to the MIIC Fund.”.
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