Tuesday, 27 February 2018

Questions (161)

Michael McGrath

Question:

161. Deputy Michael McGrath asked the Minister for Finance the status for insurance brokers that refunded persons as a result of the liquidation of a company (details supplied); the position these brokers have in relation to claims on the proceeds of the liquidation; the process these brokers should take; and if he will make a statement on the matter. [9382/18]

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Written answers (Question to Finance)

Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.

My officials have been advised by the Liquidator that a portion of any refunds due to policyholders may be met from the proceeds of the distribution of Setanta's assets on completion of the liquidation process. The Liquidator has also indicated that whether or not the brokers the Deputy refers to, have claims on the proceeds of the liquidation is a question of Maltese Insolvency Law and would depend on the agreements entered into between the brokers and the policyholders. 

Consequently, in order to fully clarify this matter, brokers should talk directly to the liquidator.