Dáil Éireann Debate, Tuesday - 21 November 2023
181. Deputy Ged Nash asked the Minister for Finance further to Parliamentary Question No. 111 of 25 October 2023, if he will provide an update on claims under the Insurance Compensation Fund of Ireland for persons who were insured by a company (details supplied) which was regulated by the Central Bank and has since been liquidated; and if he will make a statement on the matter. [51106/23]
View answerI am aware of the company mentioned, which is domiciled in Gibraltar and regulated by the Gibraltar Financial Services Commission but also operated in Ireland on a cross-border basis under the EU freedom to provide services provisions. On 31 December 2019, it, ceased writing new business and went into run-off.
The company in question is currently seeking independent legal advice on its ability to access the Insurance Compensation Fund of Ireland to compensate Irish customers who have claims that it cannot meet. In this regard, the State Claims Agency has had engaged with the liquidator on the matter. Most recently, the State Claims Agency met with the solicitors for this firm on the 29th September.
The Central Bank of Ireland has informed the Department that it is aware of this liquidation, and that to date, no claims have been made on the Insurance Compensation Fund in respect of it.
My officials continue to monitor this situation and will continue to engage with the Central Bank of Ireland and the State Claims Agency on this matter.
