asked the Minister for Industry and Commerce if he is satisfied that existing legislation or regulations made under it act as sufficient protection against the formation of motor insurance organisations whose finances might not be sufficient to give adequate coverage to the insurers.
Ceisteanna—Questions. Oral Answers. - Motor Insurance Organisations.
45.
Mr. Barrett
As the Deputy will recollect, the Insurance Act, 1936 was amended by the Insurance Act, 1964, which strengthened the safeguards against inadequately financed insurance companies and the existing legislation and regulations governing the licensing of motor insurance companies should be adequate for the protection of the public.
In view of failures elsewhere, is the Minister satisfied that, in fact, the safeguards are adequate? Can he say what steps his Department are taking to ascertain the actual financial position of companies dealing with motor insurance?
I gather the Minister has reassured himself about adequacy in this regard. If in other places as a result of their experience they bring their arrangements up to date, they can be no more adequate than they are here.
Do the arrangements here cover re-insurance? It was on re-insurance that the companies across the water flopped.
Yes, I think so.