asked the Minister for Industry and Commerce what protection Irish persons residing in Ireland have when a foreign insurance company becomes bankrupt with claims under consideration at the time of bankruptcy; and whether he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Bankrupt Insurance Companies.
40.
The Insurance Act, 1964 provides for the payment out of the Insurance Compensation Fund set up under the Act of claims against insolvent insurers under the principal classes of non-life policies. These arrangements provide protection for the claims of persons insured for these classes with a licensed insurance company, whether Irish or foreign, which becomes insolvent.
Further protection is provided by the requirement under which all licensed companies carrying on either life or non-life insurance must maintain with the High Court a deposit of £100,000 from which, in the event of insolvency, policy-holders' claims can be met.