Motor Insurance Insolvency Compensation Act 2024
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Circumstances in which Compensation Body or compensation body (other) to be creditor of relevant insurer | ||
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29. The Act of 1964 is amended by the insertion of the following section after section 3J: | ||
“3K. (1) The Compensation Body shall, in the case of any compensation paid by it under section 9 of the Act of 2024 or reimbursement paid by it under section 10 of that Act, be a creditor of the relevant insurer and the Compensation Body’s claim for the amount of such compensation or reimbursement, as the case may be, shall be— | ||
(a) treated as an insurance claim for the purposes of the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), and | ||
(b) admitted in the proceedings for the winding-up as a proved debt of the insurer having priority to any sum remaining due under the policy. | ||
(2) The compensation body (other) shall, in the case of reimbursement paid by it to the Compensation Body under section 10 of the Act of 2024, be a creditor of the relevant insurer and the claim of the compensation body (other) for the amount of such reimbursement shall be— | ||
(a) treated as an insurance claim for the purposes of the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), and | ||
(b) admitted in the proceedings for the winding-up as a proved debt of the insurer having priority to any sum remaining due under the policy.”. |