Finance Committee to receive update on Setanta Insurance liquidation

31 Mar 2015, 16:22

Minister Howlin also before Committee to consider motions on FOI legislation

31March 2014

The Oireachtas Joint Committee on Finance, Public Expenditure and Reform will receive an update on the liquidation of Setanta Insurance tomorrow afternoon.

Maltese liquidator Paul Mercieca, officials from the Department of Finance and the Accountant to the High Court will be in attendance.

Approximately 75,000 Irish consumers were left uninsured and were advised to seek alternative insurance cover after the Malta-based parent company of Setanta Insurance went into liquidation in April 2014.

Committee Chairman, Liam Twomey TD says: “Setanta Insurance, which had offices located in Dublin, had been selling mostly commercial motor insurance through a network of brokers in this jurisdiction since 2007. Some 75,000 policy holders were adversely impacted by the liquidation of the parent company in Malta. The liquidation placed particular financial strain on those policy holders who had lodged claims with the company, with confusion and uncertainty on how the estimated €35 million outstanding will be paid.

“Liquidator Paul Mercieca and the Accountant to the Courts Service will have an opportunity to update the Committee on the processing of the thousands of insurance claims still outstanding. The liquidator made an advance application in January to the Insurance Compensation Fund so we will wish to assess the extent of the shortfall which the Fund is expected to cover. We will also engage with Department of Finance representatives to examine the serious policy implications arising from a chain of events that has left thousands of Irish insurance customers and claimants exposed.”

Separately, the Committee will consider Motions re Freedom of Information Act 2014 (Effective Date for Certain Bodies) Order 2015 and Freedom of Information Act 2014 (Exempted Public Bodies) Order 2015 with the Minister for Public Expenditure and Reform Brendan Howlin TD.

Both Orders were laid before the Houses earlier this month and are accessible here:

The meeting takes place tomorrow Wednesday 1 April in Committee Room 3, LH 2000 at 2:30 pm. The engagement with Minsiter Howlin on the FOI Orders will commence at 4:15pm. The first session will be broadcast live on Oireachtas TV, accessible on UPC 207, Sky 574 and eVision 504 platforms.

Public proceedings can also be viewed online here.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

Media enquiries to:
Paul Hand,
Communications Unit,
Houses of the Oireachtas,
Leinster House,
Dublin 2
P: +3531 618 4484
M: +353 87 694 9926
paul.hand@oireachtas.ie

Committee Membership
Deputies
Tom Barry, Fine Gael
Richard Boyd-Barrett, People Before Profit
Ciaran Cannon, Fine Gael
Michael Creed, Fine Gael
Pearse Doherty, Sinn Fein
Regina Doherty, Fine Gael
Stephen Donnelly, Independent
Timmy Dooley, Fianna Fáil
Alan Farrell, Fine Gael
Sean Fleming, Fianna Fáil
Paul Murphy, Socialist Party
Mary Lou McDonald, Sinn Fein
Ciarán Lynch, Labour Party
Michael McGrath, Fianna Fáil
Kieran O’Donnell, Fine Gael
Ciara Conway, Labour
Pat Rabbitte, Labour
Arthur Spring, Labour Party
Peadar Tóibín, Sinn Féin
Liam Twomey, Fine Gael
Brian Walsh, Fine Gael

Senators
Sean D Barrett
Paul Coghlan
Michael D’Arcy
Aideen Hayden
Marc MacSharry
Tom Sheahan