Vol. 541 No. 5
108 Mr. Perry asked the Tánaiste and Minister for Enterprise, Trade and Employment the way in which she proposes to help more than 800 companies who were affected by the collapse of the Independent Insurance Company in the United Kingdom. [23294/01]
122 Mr. Browne (Carlow-Kilkenny) asked the Tánaiste and Minister for Enterprise, Trade and Employment the steps she proposes to take to assist business and commercial interests adversely affected by the collapse of the Independent Insurance Company in Britain; and if she will make a statement on the matter. [23242/01]
135 Mr. Flanagan asked the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding the collapse of the Independent Insurance group; and if she will make a statement on the matter. [23060/01]
151 Mr. Connaughton asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has contacted the British authorities regarding the collapse of the Independent Insurance Company. [23289/01]
159 Mr. Hogan asked the Tánaiste and Minister for Enterprise, Trade and Employment if she intends to introduce new regulations to protect businesses placed at risk by the collapse of the Independent Insurance Company; and if she will make a statement on the matter. [23237/01]
162 Mr. Barrett asked the Tánaiste and Minister for Enterprise, Trade and Employment the plans she has to assist businesses affected by the collapse of the Independent Insurance group; and if she will make a statement on the matter. [21861/01]
I propose to take Questions Nos. 108, 122, 135, 151, 159 and 162 together.
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.
Officials of our Department have met officials from the UK treasury department and from the Financial Services Authority in the UK. They stressed our concerns in relation to Irish policyholders with Independent Insurance Company Limited.
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.
The UK does not operate a "no failures policy" in relation to financial institutions. The UK has, however, a safety net in the form of the policyholders protection fund to compensate policyholders of failed insurance undertakings, who meet certain criteria. In this connection, they have undertaken to examine the application of the existing law governing the 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.
