Wednesday, 10 April 2019

Ceisteanna (55)

Michael McGrath

Ceist:

55. Deputy Michael McGrath asked the Minister for Finance if a court date has been set for the withdrawal of funds from the insurance compensation fund in relation to a company (details supplied); if so, the date; and if he will make a statement on the matter. [16907/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

Setanta Insurance ("Setanta") 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 under the Insurance Act 1964, as amended, monies may only be paid out of the Insurance Compensation Fund (ICF), with the approval of the High Court.  

The liquidator of Setanta has informed me that since the last application was submitted in November 2018, a further 126 personal injury claims have now been settled and these will be included in the next application to the Fund together with a number of  legal costs payments and third party property

damage claims.  The latest information from the liquidator estimates that the total value of the next tranche will be approximately €8.3 million. 

In relation to when the next payments will be made, the State Claims Agency  have advised that the preparatory work  on this tranche of payments has now been completed and while it was hoped to arrange a court date during April, the court date provided by the High Court is the 13 May.  This will allow for the payments to issue towards the end of May or early June.  Any individual (or their solicitor) who has queries about their payment should contact the liquidator via phone at +353 (0)818 255 255 or via email at iesetanta@deloitte.ie.