Dáil Éireann Debate, Thursday - 26 March 2009
92 Deputy John Deasy asked the Minister for Finance if he will explain the law as it relates to insurance claims that have been taken against companies that subsequently went out of business; and if he will make a statement on the matter. [12716/09]
View answerI presume the Deputy is referring to claims being made against insolvent insurers who are unable to meet policy holders claims. A compensation fund exists for non life insurance companies. However no such fund exists for life companies. The compensation fund for non life insurance companies was set up under Section 2 of the Insurance Act 1964 (the Act). Section 3 of the Act provides that monies from the Insurance Compensation Fund can be used to pay, subject to certain conditions, monies to consumers in respect of parts of their claims and to support the administration of the insolvent insurance company on a going concern basis.
