Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The real question is what lessons can be learned from the collapse of Setanta Insurance. Should we be making consumers more aware of the fact that certain firms licensed to sell insurance services in Ireland are not regulated in Ireland? It is mentioned in the small print and foot notes of the documentation provided, but people make a general assumption that a firm selling an insurance service in Ireland is regulated in Ireland when that is not the case. The Central Bank has confirmed to me that the ICF in Malta will not be available to Irish policyholders suffering as a result of Setanta Insurance's collapse. The Irish ICF will be available and will provide up to 65% of the amount due, but people will still be out of pocket. No one is blaming the Irish authorities, but something went wrong. A further 600 plus firms licensed to sell insurance in the State are not regulated in Ireland. I must admit this was news to me and believe it would be news to a great many consumers. I would like to see a profile of these 600 plus firms to know in which sectors they are operating. Perhaps they are not in the general business of selling insurance to consumers and are brass plate operations in the IFSC. I do not know, but we need to assess the matter further.

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