Niall Collins
Question:52. Deputy Niall Collins asked the Minister for Finance the status of the case of a person (details supplied); and if he will make a statement on the matter. [46066/18]
View answerWednesday, 7 November 2018
Questions (52)
Written answers
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. The Deputy will be aware that the Insurance (Amendment) Act 2018 (Act 21 of 2018) was signed into law in July this year. The Act, inter alia, provides for the payment of 100% of the compensation due to Setanta third party personal injury motor insurance claimants including the additional 35% to those who have settled their claims and have already received compensation of 65% of their claim. The Act also provides for revised arrangements for the on-going administration of the Insurance Compensation Fund, including for the relevant applications to the President of the High Court. These revised arrangements have now been put in place.
I have been informed by the State Claims Agency that a High Court date has been agreed for Monday, 19 November. Payments can then be issued to qualifying Setanta claimants by the Agency within 10 working days of obtaining the funds from the Central Bank on foot of the High Court order. Therefore, based on this information, I anticipate that the next tranche of payments will be made to claimants in the late November/early December period.
While I cannot comment on individual cases, the Agency has advised that the next tranche will comprise of: (a) newly settled claims requiring 100% payment, (b) all those cases where 65% was previously paid and where the balance of 35% is due and (c) a number of third party legal costs payments. In total, it is expected that next tranche of claims will comprise in the region of 1,500 separate payments with a value of approximately €21 million.Finally, it should be noted that the process of settling claims is still ongoing and is subject in some cases to court procedures. The liquidator of Setanta estimates that the process of settling the vast majority of these outstanding claims should be completed by end-2019.