Michael McGrath
Question:127. Deputy Michael McGrath asked the Minister for Finance if he has made payment to the Insurance Compensation Fund in 2014; and if he will make a statement on the matter. [49297/14]
View answerThursday, 18 December 2014
Questions (127)
Written answers
The Insurance Compensation Fund operates under the Insurance Act 1964. Its purpose is to protect policy holders in the event of their insurer becoming insolvent. The Insurance Compensation Fund is maintained and administered by the President of the High Court acting through the Accountant of the Courts of Justice and it is funded through industry contributions. However, because the scheme is not pre-funded, the Act provides for the Exchequer to advance monies on the recommendation of the Central Bank in circumstances where insufficient funds have been generated by an industry levy to cover a large demand.
To date there have been no Exchequer advances required to be made to the ICF in 2014 and it is not anticipated that any Exchequer advances will be required during the remainder of 2014.