Magazine date:
Jan 2023 In Ireland, the Insurance Compensation Fund was established by the Insurance Act of 1983, supplemented in 1989.
The fund is financed by contributions from insurance companies. It is designed to settle policyholders' claims.
Its powers are limited to dealing with the bankruptcy of non-life insurance companies. In addition, the law sets the maximum limit for claim indemnification at 65% for policyholders and third-party claimants, ruling out the reimbursement of any premium by the fund.
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