S.I. No. 552/2024 - Insurance Act 1964 (Adjustment of Percentage Rate) Order 2024

1. This Order may be cited as the Insurance Act 1964 (Adjustment of Percentage Rate) Order 2024.

2. The percentage rate shall, in lieu of the percentage rate specified in subsection (4)(a) of section 3F of the Insurance Act 1964 (No. 18 of 1964), be zero per cent of the assessable amount.

3. The Insurance Act 1964 (Adjustment of Percentage Rate) Order 2023 (

S.I. No. 507 of 2023

) is revoked.

GIVEN under my Official Seal,

22 October, 2024.

JACK CHAMBERS,

Minister for Finance.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

25

th October,

2024.

I JACK CHAMBERS, Minister for Finance, in exercise of the powers conferred on me by subsection (1)(b) of

section 3

G of the

Insurance Act 1964

(No. 18 of 1964), having received a report under

section 3

D(5) of that

Act

as to the total amount standing to the credit of the Motor Insurers Insolvency Compensation Fund on the date specified in the report, having reviewed the percentage rate specified in subsection (4)(a) of

section 3

F of that

Act

, and following consultation with the Motor Insurers’ Bureau of Ireland and the Central Bank of Ireland, subject to subsections (2) to (5) of the said

section 3

G, hereby order as follows