Call for action on Setanta fiasco

Finance Minister Michael Noonan has been urged to call an emergency meeting over the closure of Setanta Insurance to put in place measures to ensure a repeat of the fiasco does not occur.

Fianna Fáil TD Michael McGrath said the move is needed after warning the collapse of the firm last year has left 1,748 people owed compensation after injuries “in limbo” over whether they will receive their money.

Last week, the Oireachtas finance committee heard all Setanta’s claimants remain out of pocket a year after the firm’s closure, with its liquidator admitting just 30% of people will be paid. The issue is unlikely to be resolved until after a High Court hearing later this year.

Mr McGrath said the issue is unacceptable for the 1,748 policyholders, including 1,037 people who suffered serious personal injuries, who have been left “hanging in limbo” by the delay.

Calling for immediate action to be taken, he said an emergency meeting of Setanta Insurance, the Central Bank, the ICF and the Motor Insurance Bureau of Ireland should be called by the Department of Finance to ensure better protections are in place for customers if “another insurance company collapses in the future”.

. @DeputyMcGrathTD says the handling of Setanta Insurance collapse has been a fiasco as claimants are left in limbo: http://t.co/F8AvQaDlzT

— Fianna Fáil (@fiannafailparty) April 6, 2015

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