Tuesday, 26 March 2019

Questions (197, 243)

Niall Collins

Question:

197. Deputy Niall Collins asked the Minister for Finance the options available to a person (details supplied) in circumstances in which a claim by a company settled in October 2018 has not been paid to date and the solicitor is unable to confirm when payment will be received; and if he will make a statement on the matter. [13325/19]

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Michael McGrath

Question:

243. Deputy Michael McGrath asked the Minister for Finance when the State Claims Agency expects to have a High Court hearing for the next tranche of moneys to be drawn down from the Insurance Compensation Fund for claimants yet to be paid as a result of the failure of a company (details supplied). [14250/19]

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Written answers (Question to Finance)

I propose to take Questions Nos. 197 and 243 together.

Setanta Insurance ("Setanta") 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 enacted in July 2018. The Act inter alia provides for revised arrangements for the on-going administration of the Insurance Compensation Fund ("ICF"), including for the relevant applications to the President of the High Court. The most recent tranche of payments to Setanta claimants took place in late November 2018.

To date, 670 personal injury claimants have been compensated in full. The liquidator of Setanta has informed me that since the last application was submitted, a further 126 personal injury claimants have now been agreed and these will be included in the next submission to the Fund bringing the total number of personal injury claimants who have agreed settlements to 796. There are a further 410 personal injury claimants who have yet to settle their claims. The latest information from the liquidator estimates that the total value of the next tranche will be approximately €8.3 million.

In relation to when the next payment will be made, my officials have confirmed with the State Claims Agency that the preparatory work is ongoing with a view to arranging a court date in the coming weeks with a view to payments being issued in April. Any individual (or their solicitor) who has queries about their payment should contact the liquidator via phone at +353 (0)818 255 255 or via email at iesetanta@deloitte.ie.

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.