Motor Insurance Insolvency Compensation Act 2024
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Amendment of section 5 of Act of 1964 | ||
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30. Section 5 of the Act of 1964 is amended by the substitution of the following subsection for subsection (1): | ||
“(1) (a) The Minister may, on the recommendation of the Bank, advance from time to time to the Fund such sums as he or she thinks proper to enable payments out of the Fund under section 3, 3A, 3B and 3C to be made expeditiously. | ||
(b) Where the Fund does not have sufficient resources to pay the Compensation Body the sums referred to in section 6 (1) or 10 (4) of the Act of 2024— | ||
(i) the Bank shall, within 5 working days of becoming aware of the insufficiency, give notice in writing of the insufficiency to the Minister, and | ||
(ii) the Minister may, on the recommendation of the Bank and having regard to the time limits referred to in section 9 or 10 (4), as the case may be, of the Act of 2024 within which the Compensation Body must operate in performing its functions in relation to the relevant purposes, advance to the Fund such sums as will enable the Fund to have sufficient resources to pay the sums first-mentioned in this paragraph.”. |