Michael McGrath (Cork South Central, Fianna Fail)
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I welcome our guests. This is another fine mess in terms of insurance and the regulation of the insurance industry not only in Ireland but at European level, coming on the heels of the Quinn Insurance debacle, for which we are still paying and will be paying for a long time to come with a 2% levy, and the issues with RSA Ireland also. It appears from reading the witnesses' opening remarks that the 75,000 customers directly affected are pretty much left high and dry and that those who do not have a claim are out of pocket for the remainder of the year for which they paid for their policy. They have had to take out new insurance policies, which is a major issue for many people as money is very scarce. For those who have claims, it appears to me that they are left high and dry because they have to wait until the liquidation process advances and becomes much clearer. Is there any indication of how long that will take? Typically, when an insurance company is being liquidated, how long is it before there is an agreed statement of affairs?