Insurance Act, 1964
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Insurance Compensation Fund. |
2.—(1) There shall stand established on the day that falls one month after the date of the passing of this Act a fund to be known as the Insurance Compensation Fund. | |
(2) The Fund shall, subject to the provisions of this Act and any regulations thereunder, be maintained and administered under the control of the President of the High Court acting through the Accountant. | ||
(3) (a) The Accountant may borrow for the Fund and, for the purpose of giving security with respect to such borrowing, may charge investments of the Fund. | ||
(b) The total amount which shall at any time stand borrowed under this subsection shall not exceed one million pounds. | ||
(4) The Accountant may invest moneys of the Fund in securities in which trustees are authorised by law to invest trust funds. | ||
(5) The Accountant may insure against a risk relating to the Fund. | ||
(6) The following shall be paid into the Fund: | ||
(a) the sum paid under section 4 of this Act and any sums paid under sections 5 or 6 of this Act, | ||
(b) interest, dividends and other income and accretions of capital arising from investments of the Fund, | ||
(c) the proceeds of the realisation of investments of the Fund, | ||
(d) moneys borrowed for the Fund, | ||
(e) sums received by the Accountant under any insurance effected by the Accountant in relation to the Fund, | ||
(f) dividends paid to the Accountant by virtue of subsection (2) of section 3 of this Act in the course of the winding up of an insurer by the High Court, | ||
(g) other moneys belonging to or accruing to the Fund or received by the Accountant in respect thereof. | ||
(7) The following shall be paid out of the Fund: | ||
(a) expenses incurred in establishing, maintaining or administering the Fund, | ||
(b) repayments of moneys borrowed for the Fund and payments of interest on such moneys, | ||
(c) sums payable out of the Fund pursuant to section 3 of this Act, | ||
(d) other sums properly payable out of the Fund. | ||
(8) (a) The Accountant shall cause to be kept proper and usual accounts of moneys paid into or out of the Fund and shall, within ninety days after the end of each accounting period or such longer time as the Minister shall in any particular case allow, cause to be furnished to the Minister an abstract of the accounts of the Fund for that accounting period and a report of the administration of the Fund during that accounting period. | ||
(b) The Minister shall cause each abstract and report furnished to him under this subsection to be published. |