Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

I wish to ask the Society of Actuaries in Ireland about the Setanta Insurance case, which has often been discussed in this regard. The insurance industry has assessed that it will incur a cost of €90 million if the Supreme Court case is carried through. It seems to be causing reputational damage in the eyes of foreign companies that are considering moving into Ireland. Qatar bucked the trend on 31 August when it announced its intention to come to Ireland, but how much has this case affected the level of uncertainty in the system? Professor Philip Lane is on record as saying that a lottery system is operating throughout Europe in terms of regulation. Setanta Insurance was registered in Malta, yet there appear to be unclear lines of responsibility where a company has a passport for providing insurance services in the EU. Will the witnesses comment on this point?

There is a major argument about the lack of data that insurance companies use to assess risk. This will affect foreign companies entering the market. How do we tackle this issue? Is there an unwillingness within the insurance sector to share information and data? Should there be a national claims register?

The State-backed Insurance Compensation Fund, ICF, applied a 2% levy to account for the cost of PMPA and Quinn Insurance. If the Supreme Court holds that the Motor Insurers Bureau of Ireland is not only responsible for picking up the tab for untraced and uninsured drivers, but also for policyholders and premiums where a company fails or becomes insolvent, how will that affect the insurance industry and people's premiums?