Setanta 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.
I am very conscious of the effect of the delays in the payment of compensation to Setanta claimants, and this is one of the reasons why I brought forward the Insurance (Amendment) Act last year to ensure that Setanta third party claimants are compensated in full, and to put in place revised arrangements for the ongoing management and administration of the ICF, including for applications to the High Court. However, neither I nor the Department of Finance have any role in the process. Likewise, the Financial Services and Pensions Ombudsman does not have a role in investigating complaints of a liquidator.
Before any application can be made for payments from the ICF, the claims must first be settled- which is a matter for claimants, their solicitors and the liquidator. These negotiations can be complex and often subject to court procedures.
The Deputy does not outline the nature of the complaint, whether it is with the process for the application to the High Court which comes under the responsibility of the State Claims Agency or otherwise. The liquidator has responsibility for the administration of the company’s assets and liabilities. Any correspondence on individual claims or other claims matters should be directed to Setanta Insurance at:
Tel: 0818 255 255