Policyholders and claimants caught up in the collapse of Setanta Insurance in April 2014 remain in limbo as the question of who pays the final bill is still being hammered out in the Courts.
Figures released to Deputy McGrath through a Parliamentary Reply reveal that almost 1,700 claims remain open.
The Fianna Fáil Finance Spokesperson commented, “The collapse of Setanta Insurance has been nothing short of a fiasco. It is now 27 months since the collapse of the insurer and outstanding claims of around €90m remain unsettled. All the while, the issue of who picks up the tab is being played out in the Courts.
“While the Minister for Finance has laid out a new policy in the area of motor insurance compensation when an insurer is put into liquidation, it is not at all clear when this will be implemented. In fact, the representative body of insurance companies, Insurance Ireland, has said the new policy ‘poses a systemic risk to the motor insurance market’.
“The risk now is that those affected by the collapse of Enterprise Insurance will be treated in the same way as the victims of the Setanta collapse. Meanwhile, premiums are continuing to rise at an unsustainable rate as the government tries to get to grips with the situation. The government needs to urgently develop and implement a coherent policy on motor insurance before more claimants are left in the lurch while others can simply no longer afford to remain on the road due to spiralling motor insurance costs.”