Eugene Murphy (Roscommon-Galway, Fianna Fail) | Oireachtas source

As has been stated many times this evening, the collapse of Setanta Insurance has been totally mishandled by the Government and ordinary people have been left stranded. There are no answers and no one in government seems to care. I have previously stated in this Chamber that it is long past time for a root and branch review of all aspects of insurance in this country. Deputy Michael McGrath has dealt with this in numerous areas but his motion this evening, supported by all his colleagues, is helping us to get that process under way.

We have all spoken about the situation relating to Setanta Insurance, but we should also remember that the collapse of Enterprise Insurance last year affected 14,000 people and that claims of €6 million are outstanding. The report of the Department of Finance in July 2016 on the framework for motor insurance compensation in Ireland has not been acted upon. As pointed out by Deputy McGrath, it is time for the Central Bank to get involved. It should act in a number of areas. It should undertake an awareness campaign to ensure that motorists are fully informed about the different regulatory status of firms selling motor insurance, formally raise any concerns it may have with the relevant European authorities so as to ensure that the system of regulation of insurance firms across member states involves common standards which are applied consistently, and address any staffing and resourcing issues which may currently restrict its ability to supervise and regulate the sector.

The reality is that the collapse of an insurance company causes great distress to motorists. They are off cover and do not know if they can arrange alternative cover. It is long past the time for talking on this issue. We must act now. Government can take action. I understand that the Government will not vote against this motion and will abstain. However, I urge it to support the motion so that we can move the issue forward and take away the misery many people suffer when it comes to motor insurance.

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