Our most Frequently Asked Questions about Motor Insurers' Insolvency Fund.
The Motor Insurers' Bureau of Ireland (MIBI) has created the MIICF reserve fund so that in event of a motor insurer going into liquidation, any outstanding claims can be funded.
Effective 1st December 2018 there is a requirement for all insurers to pay 2% of all motor premiums to the Motor Insurers Insolvency Compensation Fund (MIICF). From January 1st 2024, this requirement will reduce to 1%.