To read the full edition of the Insurance Newsletter,
Autumn 2011,
click here.
The Insurance (Amendment) Act 2011 (the "Act") was
signed into law by the President on 30 September 2011. The Act,
which imposes a levy of up to 2 per cent on all non-life insurance
premiums, was enacted so as to fund the losses of the Quinn
Insurance books and to amend the existing Insurance Act 1964 (the
"1964 Act") and the insurance compensation fund
("ICF") established thereunder.
The 1964 Act established a fund, the ICF, designed to meet
certain liabilities of insolvent insurers. Under the 1964 Act, as
previously amended by the Insurance (No. 2) Act 1983, a liquidator
of an insolvent non-life insurer could obtain funds from the ICF to
make payments due to a policy-holder of the insolvent insurer.
