I propose to take Questions 160, 161 and 163 together.
Independent Insurance Company Limited is a UK authorised insurer currently in provisional liquidation. The liquidation process will be dealt with under UK law.
With regard to Irish policyholders of IICL, my Department has been in contact with the provisional liquidators of IICL and has sought information from them on a number of matters, including the amount of premiums paid to IICL, the overall value of claims made and details in relation to claims still outstanding against companies. Information has been received from them, most of it only in the very recent past and my Department is currently examining it in detail. It is not clear at this stage if the information is complete or whether it can be relied on to give the full picture. Indeed, it may be extremely difficult to obtain final comprehensive information in view of the timescale that can be involved in claims actually being made and in settlement amounts being arrived at.
My Department has also been in contact with the UK Insurance Supervisory Authority – the Financial Services Commission – and with the UK Treasury Department in relation to our concerns regarding Irish policyholders with IICL. Irish policyholders with claims outstanding against IICL are creditors of that insurance company and should pursue their case with the provisional liquidators.
