Under the Insurance (Amendment) Act 2018, the State Claims Agency fulfils an advisory and audit role regarding applications for compensation from the Insurance Compensation Fund. Here are answers to some common questions about the Insurance Compensation Fund and the State Claims Agency.
Under the Insurance (Amendment) Act 2018, the State Claims Agency fulfils an advisory and audit role regarding applications for compensation from the Insurance Compensation Fund. The State Claims Agency has no role in the management of individual claims and all queries regarding your claim itself should be directed to the liquidator of the insurer in liquidation, or the nominated claims handling agents.
The State Claims Agency's role involves the auditing of claims documentation presented to it by the liquidators to ensure that relevant claims are, in the first instance, covered by the Fund and will then, in conjunction with the liquidator, be put forward for approval by the President of the High Court. In respect of insurance companies authorised in an EU Member State other than Ireland, the State Claims Agency also has a role in the distribution of sums released from the Insurance Compensation Fund to claimants.
There are different categories of claims that are payable and not all claims are eligible for payment. Certain relevant third-party claims are paid in full. However, the Insurance Compensation Fund only pays 65% of other claims. Legal costs are payable, where applicable. There is no provision for the payment of defence legal costs from the Insurance Compensation Fund.
If your claim is approved by the High Court for payment, the liquidator will submit your details for payment to us and the State Claims Agency will arrange to pay the compensation due to the relevant account provided by the liquidator.
The State Claims Agency has no role in the day-to-day management or settlement of claims of liquidated insurers. These enquiries should be directed to the liquidator or its claims representatives.
No. Under Section 13 of the Insurance (Amendment) Act 2018, while the State Claims Agency has a role to assist the Central Bank, when requested, with insurers in administration, all queries regarding the claims of insurers under administration should be directed to the insurers’ representatives in the first instance.
