Vol. 548 No. 4
72 Mr. Kenneally asked the Tánaiste and Minister for Enterprise, Trade and Employment the value of insurance awards given against Irish companies and individuals which have not been paid following the collapse of a company (details supplied); and if she will make a statement on the matter. [5151/02]
Independent Insurance Company Limited is a UK authorised insurer currently in provisional liquidation. The liquidation process will be dealt with under UK law.
With regard to Irish policyholders of IICL, our Department has sought information on a number of matters, including the amount of premiums paid to IICL, the overall value of claims made and details in relation to claims still outstanding against companies. This information was sought from the provisional liquidators of IICL and from representative bodies in Ireland for the businesses affected. While some information has been received, it is still very incomplete and could not be relied upon to give the full picture. It appears that it may be extremely difficult to obtain final comprehensive information in view of the timescale that can be involved in claims being made and in settlement amounts being arrived at.
While our Department is awaiting full details of the exposure of Irish business, as a result of the collapse of IICL, we do not consider it acceptable to burden Irish taxpayers with the inevitable cost that would be involved in meeting insurance claims resulting from the failure of this UK company.
