Motor Insurance Insolvency Compensation Act 2024
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Agency to submit report to Minister on audits carried out under section 16 or 17, etc. | ||
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18. (1) Subject to subsection (3), the Agency shall, not later than the expiration of the relevant period after the making of the first winding-up decision on or after the commencement of this section and after consultation with the Bank and the Compensation Body, prepare and submit to the Minister a report in writing on the conclusions to be drawn from the audits it has carried out under section 16 or 17 . | ||
(2) (a) Subject to subsection (3), the Minister may, after consultation with the Bank, the Compensation Body and the Agency, by notice in writing given to the Agency request the Agency to prepare and submit to the Minister a report in writing on the conclusions to be drawn from the audits it has carried out under section 16 or 17 during the period specified in the notice for the purpose. | ||
(b) The Agency shall comply with a request under paragraph (a) as soon as is practicable. | ||
(3) Without prejudice to the generality of subsection (1) or (2), the report referred to in that subsection shall contain the following: | ||
(a) an evaluation of whether, and to what extent, the governance procedures and controls in this Act (including any agreement referred to in section 16 (2) or 17 (3)) relating to claims made under this Act are adequate or fit for purpose; | ||
(b) where such governance procedures and controls are not considered adequate or fit for purpose, an assessment of what steps (which may be or include legislative amendments) may be taken to render such governance procedures and controls adequate or fit for purpose. | ||
(4) In this section, “relevant period” means— | ||
(a) the period prescribed by the Minister by regulations for the purposes of this paragraph, or | ||
(b) if no period stands so prescribed, 24 months. |