I assume the Deputy is referring to the collapse of Independent Insurance Company Limited.
Independent Insurance Company Limited is a UK authorised insurer. Accordingly, the UK authorities are responsible for the financial supervision of the company.
The position is that the company is in liquidation and the liquidation process will be dealt with under UK law. The company is under investigation by the serious fraud office in the UK.
Officials of our Department have met officials in the UK treasury department and the Financial Services Authority. They stressed our concerns in relation to Irish policyholders with Independent Insurance Company Limited. The UK authorities have undertaken to examine the application of the existing law governing the UK policyholders protection fund, to Irish policyholders.
While I appreciate the difficulties being faced by policyholders and am very concerned that any company would face closure because of the failure of Independent Insurance Company, it would not be acceptable to burden taxpayers with the inevitable cost that would be involved in meeting insurance claims, resulting from the failure of this UK company.