asked the Minister for Industry and Commerce if he will investigate a case of a person (details supplied) in County Cork who had a valid and admitted claim against an insurance company and due to an unreasonable delay in settlement lost his livelihood, given that his Department has the responsibility to make sure that claims are met fairly and efficiently; the reason his Department previously refused to investigate this case given that his Department is the supervisory authority for the insurance industry; and if he will make a statement on the matter.
Written Answers. - Insurance Claim.
42.
I have reviewed the details of this complicated case involving a number of parties including three claimants. It does not appear to me on the basis of the facts available that there was any undue delay on the part of the insurance company concerned in settling the various claims.
My primary function as the insurance supervisory authority is to ensure that insurance companies meet their statutory reserves and solvency requirements. While I am concerned that each insurance company has reasonable and efficient claims settlement procedures, it would be inappropriate for me to intervene in specific cases.
When my Department investigated this case in September 1985 they suggested that the policyholder should consider contacting his legal adviser; he could then have advice on the best way to resolve any outstanding dispute on the matter.