Independent Insurance Company Limited is a UK authorised insurer. Accordingly, responsibility for ensuring that IICL could meet claims from its policyholders lay with the UK authorities that were responsible for the financial supervision of the company.
IICL is in provisional liquidation and that process must be dealt with under UK law. Companies with claims outstanding against IICL should pursue their cases with the provisional liquidators. Clarification obtained from the UK authorities indicates that private policyholders are, in principle, protected under the UK Policyholder Protection Act, subject to the policyholders meeting all of the other requirements of the UK Act, while Irish commercial policyholders are unlikely to be covered under that Act.
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.