Fianna Fáil Spokesperson on Finance, Michael McGrath TD has said that the Government needs to deliver on its commitment to ensure that all outstanding claims caught up in the collapse of Setanta Insurance are paid in full.
Deputy McGrath was commenting as the fourth anniversary of the collapse of Setanta Insurance approaches later this month, “There are still almost 1,600 active claims outstanding associated with the Setanta collapse and over 1,000 of these claimants have received nothing to date.
“I personally know of outstanding Setanta claims that can be traced back as far as 2009 and 2010.
“The result of this vacuum is that former policyholders have been left in the lurch, facing the prospect of being held personally liable for outstanding claims and claimants have been unable to secure 100% of their claim.
“While almost 600 claimants have received 65% (from the Insurance Compensation Fund) of what they are due, the majority have received zero.
“In January, I welcomed Minister Donohoe’s decision ‘in principle’ that the State will ensure third party claimants are compensated in full but I warned about the absence of any timeline.
“Claimants have informed me that they have heard nothing since the Government’s announcement and are becoming increasingly frustrated at the lack of a timeline for this issue to be resolved.
“The human toll for some of those mired in this mess continues to be enormous and they want to know when the nightmare will end.
“I and my colleagues in Fianna Fáil will again be pressing the Government for a full resolution of the matter when the Dáil resumes on April 17th.
“They need to deliver on the commitment they have made to all the victims of the Setanta collapse,” concluded McGrath.