Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The problem with the Setanta product is that it was licensed by the Maltese financial services regulatory authority but only sold the product in Ireland. The company is paying the levy into the insurance compensation fund. Clearly, the Central Bank had serious concerns but the company continued to write new products. The brokers were uneasy about the Setanta product but they were sure they could continue to deal with policies. If Mr. Sheridan wished to do so, did he have the authority, based on the findings, to give instructions to the brokers that, in the opinion of the Central Bank, they should not look to new products or renewing existing Setanta products, such as car insurance, to Irish customers? At this moment, there are claims of €5 million. Does Mr. Sheridan know the value of premiums people paid but did not get the benefit of in terms of cover?