I propose to take Questions
Nos. 13 and 170 together.
Responsibility for the supervision of the insurance sector and for ensuring that all Irish policyholders or claimants are treated in accordance with the principle of the Single Market lies with the Department for Enterprise, Trade and Employment.
I have not had any meetings with tourism-related businesses affected by the collapse of the company referred to by the Deputy but the Irish Hotels Federation did write to me in connection with their submission to the Department of Enterprise, Trade and Employment on the matter. I understand that a limited number of hotels may be affected but I have no information to suggest that this unfortunate collapse will have a widespread impact on the tourist sector as a whole.
This is a difficult case involving complex issues of insurance law at both national and EU level. The current position, as I understand it, is that the policy-holders protection scheme operated by the UK authorities, who are the supervisors of the company under EU law, will not afford any special protection to Irish corporate policy-holders. They will, I understand, have to take their place in the queue as ordinary creditors. I am informed that this particular case has identified a gap in the EU's legislative framework in relation to cross-Border business and is to be taken up in forthcoming EU meetings. If the Deputy wishes to into detail on the issue, I suggest that he takes up the matter with the appropriate Minister.