Insurance (Amendment) Act 2018

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Number 21 of 2018

INSURANCE (AMENDMENT) ACT 2018

CONTENTS

PART 1

Preliminary and General

1. Short title, commencement, collective citation and construction

2. Definitions

3. Expenses

4. Savings and transitional provisions

PART 2

The Fund

5. Final accounts of Fund

6. Moneys to be paid to Bank

7. Records of Accountant

PART 3

Amendment of Act of 1964

8. Amendment of section 1 of Act of 1964 (definitions)

9. Amendment of section 2 of Act of 1964 (Insurance Compensation Fund)

10. Amendment of section 3 of Act of 1964 (payments out of Fund)

11. Amendment of section 3A of Act of 1964 (application by liquidator of insolvent insurer)

12. Amendment of section 3B of Act of 1964 (application where insurer in liquidation is insurer authorised in another Member State)

13. Amendment of section 3C of Act of 1964 (payments out of Fund where administrator appointed)

14. Amendment of section 6 of Act of 1964 (contributions to Fund by insurers)

15. Repeal of section 14 of Act of 1964 (regulations)

PART 4

Motor Insurers Insolvency Compensation Fund

16. Motor Insurers Insolvency Compensation Fund

PART 5

Consequential Amendments

17. Amendment of National Treasury Management Agency (Amendment) Act 2000

Acts Referred to

Central Bank (Supervision and Enforcement) Act 2013 (No. 26)

Courts (Supplemental Provisions) Act 1961 (No. 39)

Insurance Act 1964 (No. 18)

Insurance Acts 1909 to 2015

Medical Practitioners (Amendment) Act 2017 (No. 10)

National Treasury Management Agency (Amendment) Act 2000 (No. 39)

Road Traffic Act 1961 (No. 24)

Number 21 of 2018

INSURANCE (AMENDMENT) ACT 2018

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.

[24th July, 2018]

Be it enacted by the Oireachtas as follows: