Proposed Amendments To The Insurance Compensation Fund

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The Insurance (Amendment) Bill 2011 (the "Bill") which amends the Insurance Act 1964 (the "1964 Act"), was passed by the Oireachtas on the 28 September 2011. The Bill proposes to update the existing legislation relating to the Insurance Compensation Fund (the "ICF")

The main changes proposed by the Bill are:

• the application of the 2% levy to the aggregate of the gross premiums paid to an insurer (the definition of which will be expanded to include an insurer duly authorised in another Member State) in respect of policies issued to cover "risks in the State" which relate to any of the following;