Over four years after the liquidation of Setanta Insurance, the nightmare rumbles on for the affected claimants and policyholders, according to Fianna Fáil Spokesperson on Finance Michael McGrath T.D. Deputy McGrath has called on the Government to step up their efforts to address the issue for once and for all.
Commenting McGrath said that, “from day one the Government have been exceptionally slow at resolving this issue and for the claimants involved it is extremely frustrating.
“In correspondence with me, and in a response to my Parliamentary Question, the Minister has confirmed that the Insurance (Amendment) Bill, that would finally bring this sorry case to a close, is yet again delayed. This time the Government is sighting European State Aid rules but to the rest of us it simply looks like the Government is not giving this the priority it deserves. Fianna Fáil will facilitate the speedy passage of this legislation.
“There are individual cases going back many years and yet compensation has not been paid in full. According to the Minister’s response, there are still around 751 claimants who have not received one cent of compensation. 826 claimants have received compensation from the Insurance Compensation Fund which is only limited to 65 per cent or €825,000 whichever is lower. The liquidator has indicated that only 22 per cent of the outstanding claims will be met by the liquidation process. It could very well end up being far less and under the current legal framework both claimants and policyholders are left on the hook.
“In January of this year, the Minister announced his intentions to step in to ensure that claimants received 100 per cent of their claims. Claimants were optimistic of a speedy solution. Yet four months later the Minister cannot confirm to me when this legislation will be introduced, not to mention passed by the Oireachtas. With only a number of weeks left before summer recess, time is ticking and all the while claimants are waiting.
“People’s lives have been put on hold and the Government need to step up their efforts, get the issues resolved and introduce the legislation. Fianna Fáil will work constructively with the Government once the Bill is introduced and will work to get it enacted speedily.
“I am in regular contact with people who have experienced what could only be described as a nightmare. The Minister needs to give this the attention it demands and both I and my Party will continue to apply pressure to ensure that this case is finally resolved for both claimants and policyholders”, concluded McGrath.