I propose to take Questions Nos. 74, 92, 102, 110 and 116 together.
Independent Insurance Company Limited, IICL, is a UK-authorised insurer. Accordingly, responsibility for ensuring that IICL could meet claims from its policy holders lay with the UK authorities who were responsible for the financial supervision of the company.
The current position is that IICL is in provisional liquidation and the liquidation process will be dealt with under UK law. Companies with claims outstanding against IICL should pursue their cases with the provisional liquidators.
With regard to Irish policyholders of IICL, the Department of Enterprise, Trade and Employment has sought information on a number of matters, including the number and value of claims, breakdown of claims by category and amount of premiums paid to IICL. This information was sought from the provisional liquidators of IICL and from representative bodies in Ireland for the businesses affected. While some information has been received, it is still very incomplete and could not be relied on to give the full picture. Indeed, it appears that it may be extremely difficult to obtain final comprehensive information in view of the timescale that can be involved in claims actually being made and in settlement amounts being arrived at.
I appreciate the difficulties being faced by IICL policyholders. However, it would not be acceptable to burden Irish taxpayers with the inevitable cost that would be involved in meeting insurance claims resulting from the failure of this UK Company.