The compensation process will be streamlined following a review of the framework
The compensation process for car insurance claims is set to be quicker and easier following a review of the framework.
The report published today recommends that the Insurance Compensation Fund should be extended to include third party motor insurance claims, in the event of a liquidation of an insurer.
It also recommends that the Fund should be supplied by direct contributions from the motor insurance industry.
However, the issue of the payment of Setanta claims is still subject to legal proceedings.
The new rules aim to provide greater certainty regarding the car insurance compensation process in Ireland.
Earlier this month, the Central Statistics Office (CSO) has released its consumer prices for June and the cost of motor insurance is once again leading the way when it comes to increases.
Motor insurance leapt 38.6% in June, when compared to the same month in 2015.