I wish to advise the Deputy that my Department operates under State Indemnity, a self-insurance model whereby the State bears the financial risk associated with the cost of claims. The National Treasury Management Agency (NTMA) is designated as the State Claims Agency (SCA) when performing the claims and risk management functions delegated to it under the National Treasury Management Agency (Amendment) Act 2000.
Since the establishment of the SCA, the management of claims functions has been delegated to the Agency. It currently manages claims and risks on behalf of 144 delegated State Authorities.
I also wish to advise the Deputy that of the 17 Bodies under the Aegis of my Department, 6 are designated State Authorities covered under State Indemnity managed by the SCA. These are the Comptroller and Auditor General, the Credit Union Advisory Committee, the Credit Union Restructuring Board, the Disabled Drivers Medical Board of Appeal, the National Treasury Management Agency and the Tax Appeals Commission. The Credit Review Office (CRO) incurs no direct insurance costs as Enterprise Ireland provides full business services to the CRO.
Of the remaining 10 Bodies, it was not possible for 6 (Central Bank, Financial Services and Pensions Ombudsman, Irish Bank Resolution Corporation, Irish Financial Services Appeals Tribunal, National Asset Management Agency and Strategic Banking Corporation of Ireland) to respond to this information request in the time available and I will make arrangements to provide a response in line with Standing Orders.
Four Bodies have provided the information sought and this is set out in the following table.
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Body
|
Cost of the premium for 2018 or the premium paid in 2018 if the policy year straddles two calendar years:
Public Liability
Buildings Cover
Employer Liability
|
Comparable premium amount paid in 2017:
Public Liability
Buildings Cover
Employer Liability
|
Number of outstanding insurance claims against the body:
Public Liability
Buildings Cover
Employer Liability
|
Estimated cost of those claims:
Public Liability
Buildings Cover
Employer Liability
|
|
Investor Compensation Company DAC
|
€613,270 - Specie Excess of Loss Investor Compensation Scheme Insurance for €110m
|
€701,242 - Specie Excess of Loss Investor Compensation Scheme Insurance for €110m
|
N/A - Public Liability, Buildings Cover and Employer Liability are all covered under Central Bank of Ireland policy.
|
N/A
|
|
Irish Fiscal Advisory Council
|
€835.00 (Personal Accident & Travel Insurance)
|
€1,035.58 (Personal Accident & Travel Insurance)
|
0
|
€0
|
|
Office of the Revenue Commissioners
|
Hull & Machinery
Hull & Machinery (seized vessel) €9,000
|
Hull & Machinery (seized vessel) €12,000
|
Nil
|
N/A
|
|
Social Finance Foundation
|
Building €670.68
Public Liability €2,158.80
|
Building €619.37
Public Liability €2,158.80
|
Nil
|
Nil
|
