Vol. 545 No. 1
97 Dr. Upton asked the Tánaiste and Minister for Enterprise, Trade and Employment the changes in the insurance industry which will be made following the collapse of a company (details supplied); if she will establish a policyholders' protection board; and if she will make a statement on the matter. [29565/01]
Independent Insurance Company Limited – IICL – was a UK authorised insurer. Since it was a UK company, the appointment of provisional liquidators of IICL took place in the UK and the liquidation process will be dealt with under UK law.
If a general insurance company authorised in this State were to become insolvent, it would be possible for a liquidator to be appointed under Irish law and, with the approval of the High Court, for moneys to be paid to the liquidator out of the insurance compensation fund for any sum due to a person in respect of a risk situated in the State.
The issue of policyholder protection for consumers in the EU has been raised by Ireland at EU level, with proposals that the cross-border consequences of insurance failures should be regulated. It is intended that the existing Irish arrangements for policyholder protection will be kept under review in the light of progress on regulation at EU level.
