Motor Insurance Insolvency Compensation Act 2024
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Funding and costs and expenses of Compensation Body | ||
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6. (1) Subject to section 5 of the Act of 1964, the Bank shall, as expeditiously as possible and having regard to the time limits specified in paragraph 7 of Article 10a, or paragraph 7 of Article 25a, of the Directive, cause to be paid out of the Fund to the Compensation Body sums providing for— | ||
(a) compensation referred to in paragraph 1 of Article 10a, or paragraph 1 of Article 25a, of the Directive to injured parties resident in the State at least up to the minimum required by the MTPL insurance obligation, and | ||
(b) compensation payments for motor claims in accordance with the Act of 1964. | ||
(2) Subject to section 5 of the Act of 1964, the Bank shall, as expeditiously as possible, and having regard to the time limits specified in section 10 (4), cause to be paid out of the Fund to the Compensation Body sums providing for— | ||
(a) compensation referred to in paragraph 1 of Article 10a, or paragraph 1 of Article 25a, of the Directive, in each case at least up to the minimum required by the MTPL insurance obligation, for injured parties resident in another Member State where an insurer (domestic) carrying on motor third party liability insurance in that other Member State is the subject of a winding-up decision, and | ||
(b) the reimbursement referred to in section 10 (3). | ||
(3) The Compensation Body shall, in respect of each financial year, cause to be kept proper and usual accounts of— | ||
(a) claims paid and costs and expenses incurred in performing its functions in relation to the relevant purposes, and | ||
(b) the costs and expenses referred to in paragraph (a) that are defrayed from the Fund. |