Health Insurance Act 1994
F100[Risk Equalisation Fund.
11D.— (1) The Authority shall establish, administer and maintain a fund to be known as the Risk Equalisation Fund (in this Act referred to as "the Fund").
(2) The Authority shall open and maintain—
(a) subject to paragraph (b), an account (in this Act referred to as a "current account") for all moneys paid into the Fund, and
(b) an account (in this Act referred to as an "investment account") for such moneys (if any) that are not immediately required for the purposes of the current account.
(3) The National Treasury Management Agency may, at the request of the Authority and on the Authority’s behalf, invest moneys (if any) in the investment account of the Fund and any income, capital or other benefit received in respect of moneys invested under this subsection shall be paid into the investment account or invested under this subsection as directed by the Authority.
(4) Subject to subsection (5), the following shall be paid into the Fund:
(a) all stamp duty paid, in respect of health insurance contracts effected to provide health insurance cover for any period commencing on or after 1 January 2013, by virtue of section 125A of the Stamp Duties Consolidation Act 1999; and
(b) any other moneys which may belong to or accrue to the Fund or be received by the Authority in respect of it (including any amount referred to in section 7F(10) or subsection (7)).
(5) (a) In this section "special account" means the account (if any) established under paragraph (d).
(b) The Minister may, for the purpose of maintaining a sufficient amount of moneys in the current account of the Fund, having regard to the sums payable from the current account, request the Minister for Finance to advance moneys to the special account from the Central Fund.
(c) A request under paragraph (b) shall be approved by the Minister for Finance, following consultation with the Minister for Public Expenditure and Reform, before any moneys are advanced to the special account pursuant to a request under that paragraph.
(d) For the purposes of moneys advanced to the current account of the Fund pursuant to a request under paragraph (b), an account shall be established which shall be—
(i) in the name of the Minister, and
(ii) an account with the Paymaster General.
(e) The Minister shall, subject to such conditions as the Minister for Finance considers appropriate, manage and control the special account for the purpose of maintaining an amount of moneys in the current account of the Fund that is sufficient to meet the sums payable from that current account.
(f) Whenever the moneys in the current account of the Fund are insufficient to meet the sums payable from that account—
(i) there shall be paid into that account from the investment account of the Fund the moneys necessary to meet those sums payable, and
(ii) if there is still a shortfall in the current account of the Fund to meet those sums payable after the moneys in the investment account have been paid into it, there shall be paid into the current account from the special account the moneys necessary to meet the shortfall.
(6) The following shall be paid out of the Fund:
(a) amounts payable to registered undertakings by virtue of section 11C(3);
(b) amounts payable to the Central Fund to repay moneys paid into the current account of the Fund from the special account;
(c) costs, charges and expenses incurred in maintaining, protecting, administering and applying the Fund; and
(d) other sums properly payable out of the Fund.
(7) Where it comes to the knowledge of the Authority that, for whatever reason, there has been a payment (including any part thereof) from the Fund to a registered undertaking or former registered undertaking which is not in accordance with this Act, the Authority may recover the amount concerned—
(a) as a simple contract debt in any court of competent jurisdiction from the registered undertaking or former registered undertaking concerned, or
(b) by deducting that amount from any payment from the Fund otherwise due to the registered undertaking or former registered undertaking concerned.
(8) The Authority shall keep all proper and usual accounts of all moneys paid into the Fund and disbursements from the Fund, including—
(a) an income and expenditure account,
(b) a cash-flow statement, and
(c) a balance sheet.
(9) As soon as may be after the end of each financial year of the Authority, the Authority shall submit—
(a) the accounts of the Fund to the Comptroller and Auditor General for audit, and
(b) a copy of an abstract of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to the Minister.
(10) The Minister shall cause copies of the 2 documents referred to in subsection (9)(b) to be laid before each House of the Oireachtas as soon as may be after the documents are submitted to him or her by the Authority.
(11) There shall be included among the debts which, under section 285 of the Companies Act 1963 are, in the distribution of the assets of a registered undertaking or former registered undertaking which is a company being wound up, to be paid in priority to all other debts, all amounts payable to the Fund by virtue of section 7F(10) or subsection (7), and the Companies Act 1963 shall be construed accordingly.]
Inserted (26.12.2012) by Health Insurance (Amendment) Act 2012 (45/2012), s. 15, commenced on enactment.