Dáil Éireann Debate, Wednesday - 29 September 2021
84. Deputy Ged Nash asked the Minister for Finance the possibilities for redress on claims under the Insurance Compensation Fund of Ireland for persons who were insured by a company (details supplied) which was regulated by the Central Bank and has since entered administration; and if he will make a statement on the matter. [46878/21]
Amharc ar fhreagraPrometheus Insurance Company Ltd (‘Prometheus’), formally known as Tradewise Insurance, is domiciled in Gibraltar and regulated by the Financial Services Commission there. It operated in Ireland under the EU freedom to provide services provisions.
On 31 December 2019, Prometheus, ceased writing new business and went into run-off. On 27 January 2021 the Supreme Court of Gibraltar appointed Mr. Frederick White of Grant Thornton Ltd as Administrator of Prometheus. Efforts are currently underway to establish whether, legally, the Administrator can access the Insurance Compensation Fund to compensate Irish customers who have claims that the company cannot meet.
In this regard, the State Claims Agency has had ongoing contact with the Administrator on the matter. The initial documentation required to perform the legal assessment has been received by the State Claims Agency and is at present under review by it. However, I understand that it may take some time before a final legal determination on the accessibility of the Insurance Compensation Fund for policyholders of Prometheus can be made.
My officials continue to monitor this situation and will continue to engagement with the Central Bank of Ireland and the State Claims Agency on this matter.
