Dan Neville
Question:181 Mr. Neville asked the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding outstanding claims from a company (details supplied) at the time of the appointment of a liquidator. [22707/01]
Written Answers. - Company Insolvency.
Independent Insurance Company Limited – IICL – was a UK authorised insurer. Accordingly, responsibility for ensuring that IICL could meet claims from its policyholders lay with the UK authorities who were responsible for the financial supervision of the company.
Individuals who, while in the employment of a company whose cover was with IICL, suffered injury through an accident at work would have a claim against that company and in normal circumstances that claim would be paid by IICL. Given the situation that now exists, insurance claims against businesses whose cover was with IICL will be dealt with in accordance with the laws of the UK, regarded as the home member state in EU law.
UK insolvency law treats all policyholders as unsecured creditors. The extent to which the liquidators will be able to meet claims from creditors of IICL, including business policyholders, is not yet fully clear.