Fianna Fáil Spokesperson on Finance Michael McGrath has welcomed that the High Court has given approval for the State Claims Agency to pay €21 million from the Insurance Compensation Fund to claimants caught up in the collapse of Setanta Insurance.
Commenting Deputy McGrath said that, “This represents a major milestone for people who have been waiting for far too long for to get what was owed to them. Setanta Insurance collapsed over four and a half years ago and many people had have had claims outstanding for over sneve years.
“Finally people who have had their claims settled can look forward to receiving their money before Christmas.
“Following the enactment of the Insurance (Amendment) Act 2018 earlier this year, claimants expected that they would receive their money in a timely manner.
“However, yet again, under this government’s watch, they have suffered delay after delay. Now thankfully they can see light at the end of the tunnel.
“Many claimants are now at the end of their tether. There must be no further delay in paying these people their just compensation. People want to move on with their lives.
“Currently there are over 1,500 claimants who have yet to receive their full compensation. Around 750 of these claimants have not received one cent of compensation while 826 claimants have been paid partially under the previous rules.
“Of course attention will now turn to the claims that have not yet been settled due to the uncertainty surrounding the liquidation of Setanta Insurance. Hopefully, now that there is a process in place these claims will soon be settled and paid in full.
“Fianna Fáil has consistently called for this issue to be resolved and we will continue to raise this issue until every single claimant has received their compensation in full,” concluded McGrath.