Vol. 553 No. 2
162 Mr. Eamon Ryan asked the Tánaiste and Minister for Enterprise, Trade and Employment the steps she and her Department have taken to ensure that Irish policyholders are fully aware of their entitlements to benefit from the insurance compensation fund; and if she will make a statement on the matter. [13897/02]
The Insurance Compensation Fund levy was introduced on 1 January 1984 following the collapse of PMPA in 1983. The levy ceased to apply from 1 January 1993 as it was felt that sufficient funds had been collected to enable the successful completion of the administration of Primor plc (formerly known as PMPA Insurance plc).
The administrator is continuing to run off claims incurred prior to that date under the name Primor plc. Approximately €23 million remains in the fund. The insurance compensation fund is under the control of the High Court. It may only be drawn down in the event of a liquidation of an Irish-authorised non-life insurance company. Should such an event occur, affected policyholders would of course be made aware of the arrangements.
Question No. 163 answered with Question No. 160.
