Call to close insurance loopholes

The finance minister has been asked to lobby at EU level to close loopholes which allowed Setanta to leave 75,000 insurance customers without cover when it went bust.

The Irish Brokers Association has written to Michael Noonan asking that anomalies are ended which allow companies which only transact business in one country to be regulated in another jurisdiction.

Setanta Insurance only sold insurance in Ireland but was regulated in Malta. When the company collapsed, the Maltese regulator did not move to repay premiums or cover those who had paid upfront.