Dáil Éireann Debate, Thursday - 5 March 2015
97. Deputy Michael McGrath asked the Minister for Finance the current status of the investigation of matters relating to Setanta Insurance; when customers with outstanding claims will receive compensation; and if he will make a statement on the matter. [9841/15]
View answerSetanta Insurance Company Limited is a Maltese authorised company subject to prudential supervision by the Malta Financial Services Authority (MFSA) which is now in liquidation under Maltese law. Any follow-up investigation on the regulatory issues surrounding the firm's failure falls under the responsibility of the MFSA as home regulator. However, my Department and the Central Bank will in due course be reviewing the overall circumstances relating to Setanta and will report to me on what lessons can be learned and how the framework can be strengthened.
The Insurance Compensation Fund provides for payments to meet the liabilities of insolvent non-life insurers in certain cases where it is unlikely that claims can be met otherwise than from the ICF. The administration of the ICF is under the responsibility of the President of the High Court acting through the Accountant of the Courts of Justice. The President's approval is required before the first tranche of payments from the ICF to policyholders can commence. The Accountant has advised that he and the Liquidator have identified claimants for inclusion in the first application to the Fund. The Accountant does, however, have some other legal matters to be clarified and he is doing everything that he can to minimise the impact of this delay.
