Insurance Compensation FundSeptember 2011
The Insurance Compensation Fund (‘the Fund’) was set up in 1964 to protect policyholders by providing funds for the payment of insurance claims following insolvency of an insurer.
Recent events, notably the administration of Quinn Insurance, have necessitated changes to the existing arrangements and resulted in the Insurance (Amendment) Bill 2011 published on 13 September 2011 which is now being fast tracked through the Oireachtas. It is expected to become law by the end of September 2011.
Stephen Chessher and Sean Carr provide an overview of the existing provisions and the changes introduced by the Bill.
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