23 motor insurance firms operating in Ireland but regulated elsewhere, says Fianna Fáil

23 motor insurance firms operating in Ireland but regulated elsewhere, says Fianna Fáil

Fianna Fáil has said that at least 23 motor insurance companies are operating here, but are regulated elsewhere in Europe.

The party is moving a Dáil motion later today calling for action for customers left in limbo after the collapse of Setanta Insurance three years ago.

The party is also calling on the Central Bank to make consumers more aware of these foreign registered firms.

Finance spokesman Michael McGrath said that action is needed.

"There has to be an agreed motor insurance compensation framework to deal with any further incidents of a motor insurance collapse," he said.

"Consumers need to be made far more aware of the regulatory status of the insurance company that they're buying from, and the Central Bank and the Government need to raise these issues at a European level."

More in this Section

The Lotto results are in...The Lotto results are in...

Flight diverts to Shannon with suspected fire on boardFlight diverts to Shannon with suspected fire on board

Irish tug sails over a third of the way to Canada to tow crippled cargo ship to safetyIrish tug sails over a third of the way to Canada to tow crippled cargo ship to safety

Two arrested in connection with murder of Malcolm McKeownTwo arrested in connection with murder of Malcolm McKeown


Lifestyle

In August 1969, headlines were dominated by Northern Ireland and the beginnings of what was to become known as “the Troubles”.August 26, 2019: A look back at what happened on this day in years gone by

Hundreds of grey seals, the ‘people of the sea’, haul out on Great Blasket’s Trá Bán.Blasket Island seals have cousins in Namibia

More From The Irish Examiner