Finance Committee to meet with MoS Michael D’Arcy TD on Draft General Scheme of the Insurance (Amendment) Bill

The Finance Committee will sit tomorrow to conduct Pre-Legislative Scrutiny on the Draft General Scheme of the Insurance (Amendment) Bill.

07 February 2018

Mr Michael D'Arcy, Minister of State with special responsibility for Financial Services and Insurance, Department of Finance, will attend.

The purpose of the Bill is to repeal and replace certain provisions of the Insurance Act 1964 in order to implement the recommendations of the Review of the Framework for Motor Insurance Compensation in Ireland. The thrust of the Bill is aligned with the Supreme Court ruling on Setanta which found that the Insurance Compensation Fund (ICF) is liable for third party claims arising from a motor insurer insolvency.

Finance Committee Chair, John McGuinness TD, said today, “In 2016, the Joint Committee produced a comprehensive report detailing 71 recommendations on measures that the Committee believed should be implemented to deal with issues in the provision of motor insurance and the settling of claims. Tomorrow Minister of State D’Arcy will engage with the Committee on the government’s draft bill which, if enacted, would increase the level of insurance compensation fund coverage for all future third party motor claims from its current 65% level to 100%. The Committee is keen to ensure that reforms are implemented without delay in order to ensure that policyholders are appropriately compensated in the case of claims.”

Read the Committee’s report here

The meeting will start at 10am in Committee Room 2, Leinster House.

Committee proceedings can be viewed live here

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

ENDS/

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