Motor Insurance Insolvency Compensation Act 2024
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Reporting requirements of Compensation Body | ||
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7. (1) Where in any financial year (in this subsection referred to as the “relevant year”) the Compensation Body has provided compensation referred to in section 5 (2) and received or paid reimbursement (if any) under section 10 , it shall, not later than the expiration of the first 7 months of the immediately succeeding financial year, prepare and submit to the Minister a report in writing containing, at a minimum— | ||
(a) a statement of the amounts of such compensation paid during the relevant year, | ||
(b) a statement of the amounts of such reimbursement (if any) received during the relevant year, | ||
(c) a statement of the costs and expenses incurred by the Compensation Body during the relevant year, and | ||
(d) a statement setting out, in general terms, the operations of the Compensation Body during the relevant year, in particular as regards any matter that the Compensation Body is satisfied should be brought to the attention of the Minister. | ||
(2) The Minister shall, as soon as is practicable after receiving the report referred to in subsection (1), cause a copy of it to be laid before each House of the Oireachtas. | ||
(3) The Minister may, by notice in writing given to the Compensation Body, request the Compensation Body to give to the Minister such information relating to the performance of its functions in relation to the relevant purposes as is specified in the notice and the Compensation Body shall, not later than 28 days after it receives the notice, comply with that request. |