Fianna Fáil’s finance spokesperson Michael McGrath says that priority has to be given to ensuring that Irish claimants are paid by Danish insurer Qudos which went into liquidation recently.
He said questions have to be asked about why did the law change in Denmark which effectively means that Irish consumers and policy holders “will be left with the bill.”
Speaking on RTE’s Morning Ireland, Mr McGrath said that the change of law in Denmark was a “potentially dangerous development” as the final bill will lie in Ireland.
“Claimants could be left out of pocket,” he warned.
This is once again an example of a failure of regulations out of State having an impact on Irish consumers, added Mr McGrath.
The priority now has to be to ensure that claimants are paid, unlike some claimants of collapsed Maltese-registered insurance company Setanta, who, four years later, are “still out of pocket” he said.
There is a wider policy at issue here. Why did the law in Denmark change? This led to the transfer of liability from Denmark to Ireland.
It earlier emerged that the Irish Insurance Compensation Fund may have to pay out on outstanding claims following the collapse of Qudos.
The company has 50,000 customers in Ireland and the Finance Minister Pascal Donohoe says it is estimated there could be around 1,400 claims outstanding.