8 Iúil 2014, 16:51
A review of the collapse of Setanta Insurance and matters in relation to the Insurance Compensation Fund will be on the agenda of the Committee on Finance, Public Expenditure and Reform tomorrow, Wednesday, 9th July 2014 when it meets with representatives from the Central Bank of Ireland and Officials from the Department of Finance.
Committee Chairman Ciarán Lynch said: “Some 75,000 Irish consumers were left uninsured and were advised to seek alternative insurance cover after the Malta-based parent company of Setanta Insurance went into liquidation in April. The company, which also had offices located in Dublin, had been selling mostly commercial motor insurance through a network of brokers in the Republic of Ireland since 2007. Tomorrow, the Committee will have an opportunity to review the collapse of Setanta Insurance with representatives from the Central Bank of Ireland and Officials from the Department of Finance. We will also have a chance to consider the operation of the Insurance Compensation Fund. The Fund is primarily designed to facilitate payments to policyholders in relation to risks in the State where an Irish authorised or an EU authorised non-life insurer goes into liquidation and the approval of the High Court has been obtained for such payments.”
This public session of this meeting will start at approximately 2pm tomorrow, Wednesday, 9th July 2014 in Committee Room 4, Leinster House.
Committee proceedings can be followed live here.
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Committee Membership
Deputies
Richard Boyd-Barrett, People Before Profit
Michael Creed, Fine Gael
Pearse Doherty, Sinn Fein
Regina Doherty, Fine Gael
Stephen Donnelly, Independent
Timmy Dooley, Fianna Fáil
Alan Farrell, Fine Gael
Sean Fleming, Fianna Fáil
Simon Harris, Fine Gael
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Mary Lou McDonald, Sinn Fein
Ciarán Lynch, Labour Party (Chairman)
Michael McGrath, Fianna Fáil
Dara Murphy, Fine Gael
Kieran O’Donnell, Fine Gael
Aodhán O Ríordáin, Labour
Arthur Spring, Labour Party
Brian Stanley, Sinn Féin
Liam Twomey, Fine Gael
Senators
Sean D Barrett
Thomas Byrne
Paul Coghlan
Michael D’Arcy
Aideen Hayden
Tom Sheahan