Information on the Insurance Compensation Fund

NOTICE - Pursuant to Section 6 of the Insurance Act, 1964

The Central Bank of Ireland (the Central Bank) hereby gives notice for the purposes of Section 6 (2) of the Insurance Act 1964 (as amended by the Insurance (Amendment) Act 2011) (the Act) and the Insurance (Amendment) Act 2018 that, having formed the opinion pursuant to section 6(1) of the Act that the financial state of the Insurance Compensation Fund (the Fund) is such that financial support should be provided for it. The Central Bank has, pursuant to section 6(1) of the Act and following the completion our annual review of the state of the Fund for 2023, determined that the appropriate contribution to be paid to the Fund by each insurer or insurer authorised in another Member State is 2% of the aggregate of the gross premiums paid to that insurer or insurer authorised in another Member State in respect of policies issued in respect of relevant risks in the State.

Some new requirements set out in Directive (EU) 2021/2118, which makes amendments to Motor Insurance Directive, have been transposed via S.I. No. 658 of 2023. With effect from 23 December 2023 gross premiums paid to a vehicle insurer authorised in another Member State in respect of cover provided by it for risk in the State classified under class 10 in Part 1 of the Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) is no longer relevant when calculating Fund contributions.

Pursuant to section 6 (2) (a) of the Act, the date on and after which each insurer and insurer authorised in another Member State shall be obliged to pay the appropriate contribution, and being for the purposes of this notice the ‘effective date’ within the meaning of paragraph (a) of the definition of ‘effective date’ in section 6(14) of the Act is: 1 January 2012. Pursuant to section 6(13)(a) of the Act, the Minister for Finance has, by order dated 7 October 2011, appointed the Revenue Commissioners as the collector. Therefore, insurers or insurers authorised in another Member State shall:

1. file an electronic statement via Revenue ROS platform showing the aggregate gross premiums paid in that quarter by the holders of policies that the insurer or insurer authorised in another Member State issued in respect of risks in the State; and
2. pay to the collector the appropriate contribution calculated;

within the timeframe specified in section 125(2) of the Stamp Duties Consolidation Act 1999. Accordingly, the first statement and contribution should be delivered by no later than 30 April 2012.

For information provided by the Revenue Commissioners in relation to the Insurance Compensation Fund, please see the Revenue Commissioners website:

• English language version
• Irish language version