European Union (Motor Insurance) (Exclusion of Certain Contributions to the Insurance Compensation Fund and the Motor Insurers Insolvency Compensation Fund) Regulations 2023
AI-assisted research summary: These Regulations amend the Insurance Act 1964 so that, from 23 December 2023, certain gross premiums paid to an insurer authorised in another Member State are excluded from specified gross-premium references.
S.I. No. 658/2023 - European Union (Motor Insurance) (Exclusion of Certain Contributions to the Insurance Compensation Fund and the Motor Insurers Insolvency Compensation Fund) Regulations 2023 Download PDF Ãoslódáil PDF Notice of the making of this Statutory Instrument was published in “Iris Oifigiúil” of 22 nd December, 2023. I, MICHAEL MCGRATH, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 , as amended by Directive (EU) 2021/2118 of the European Parliament and of the Council of 24 November 2021 , hereby make the following regulations: 1. These Regulations may be cited as the European Union (Motor Insurance) (Exclusion of Certain Contributions to the Insurance Compensation Fund and the Motor Insurers Insolvency Compensation Fund) Regulations 2023. 2. These Regulations shall come into operation on 23 December 2023. 3. The Insurance Act 1964 (No. 18 of 1964) is amended - (a) in section 3F - (i) in subsection (5), by the substitution of “Subject to subsection (7), in this section” for “In this section”, and (ii) by the insertion of the following subsection after subsection (6): “(7) With effect from 23 December 2023, the reference to gross premiums in the definition in subsection (5) of ‘assessable amount’ shall not include the 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 Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 (b) in section 6, by the insertion of the following subsection after subsection (14): “(15) With effect from 23 December 2023, the references to gross premiums in this section shall not include the gross premiums paid to a vehicle insurer authorised in another Member State in respect of cover provided by it for risk classified under class 10 in Part 1 of Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 GIVEN under my Official Seal, 20 December, 2023. MICHAEL MCGRATH, Minister for Finance. 1 OJ No, L263, 7.10.2009, p.11 2 OJ No. L430, 2.12.2021, p.1