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ARTICLE · 04 OCTOBER 2011

Proposed Amendments To The Insurance Compensation Fund Regime

Dillon Eustace
Dillon Eustace
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Dillon Eustace

Dillon Eustace

Dillon Eustace is one of Ireland’s leading law firms focusing on asset management and investment...

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The Insurance (Amendment) Bill 2011 (the "Bill") was introduced on 13 September, 2011 and is expected to be enacted before 1 October, 2011.

IrelandInsurance

Introduction

The Insurance (Amendment) Bill 2011 (the "Bill") was introduced on 13 September, 2011 and is expected to be enacted before 1 October, 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:

(i) the introduction of "excluded risks", policies of insurance in respect of which will not be subjected to the levy;

(ii) the dis-application of the levy to policies that do not relate to "risks in the State"; and

(iii) the introduction of new offences.

We have set out below an overview of the existing ICF regime, together with an outline of the changes that will be introduced on the enactment of the Bill.

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