Oireachtas Joint and Select Committees

Wednesday, 9 July 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Collapse of Setanta Insurance: Central Bank and Department of Finance

4:20 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

To help Deputy Boyd Barrett, the safety net is the same regardless of who owns the company, but the risk of falling into a safety net seems to vary from jurisdiction to jurisdiction because prudential management varies from one to the other. I suppose the top-line concern here is that, as Deputy Boyd Barrett indicates, if I buy a product in the morning, I might be getting the same windscreen and tow rate cover and the same comprehensive insurance but the prudential management of the company I am taking out insurance with is risk-weighted based upon the jurisdiction it is in. In terms of consumer protection, how do I as a consumer know that this product is prudentially sounder than the other product? How do we get to that place where consumers have that level of protection?

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