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

3:50 pm

Mr. Colm Kincaid:

Insurance companies are required to have technical assets - assets of particular acceptability - to cover their expected claims. Therefore, if it believed it would pay out €35 million in claims, it would have to have at least €35 million in assets to cover them.