Dáil Éireann Debate, Thursday - 4 October 2018
81. Deputy Pearse Doherty asked the Minister for Finance the timeframe for those awaiting the 100% of their claims following the collapse of a company (details supplied) to receive their money; and if he will make a statement on the matter. [40472/18]
Amharc ar fhreagraSetanta Insurance 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 signed into law in July this year. The Act, inter alia, provides for the payment of 100% of the compensation due to Setanta third party personal injury motor insurance claimants including the additional 35% to those who have settled their claims and have already received compensation of 65% of their claim. The same principle of full payment will apply to third party property motor insurance claimants subject to a limit of €1.22 million (in line with Motor Insurers' Bureau of Ireland limits).
The Act also provides for revised arrangements for the ongoing management and administration of the Insurance Compensation Fund, including for applications to the High Court. These revised arrangements have now been put in place.
As the Courts have just re-commenced this week, no date has yet been fixed for the next tranche of payments. However, I am informed by the State Claims Agency that much of the preparatory work has been completed. They have also advised this next tranche will comprise of new cases where 100% will be paid, all the cases where the balance of 35% is due, as well as a number of third party legal costs payments. In total it is expected that there will be in the region of 1,500 payments made with a value of approximately €21 million.
It should be noted that while I hope that a court date can be agreed by the end of October, it is possible that this may slip into the first half of November. You can rest assured however that every effort is being made to process these payments as quickly as possible.
Finally, you should be aware that only claims which have been settled can be included in applications to the High Court for payment from the ICF. The Liquidator has advised that the process of settling claims is still ongoing and is subject in some cases to complex negotiations between all relevant parties. Therefore for such cases it is not possible at this stage to give any indication when payment will be made. However, I believe that by the State having taken steps to ensure that third party claimants are compensated in full, that this will encourage the settlement of all outstanding claims as quickly as possible.
