Kevin O'Keeffe (Cork East, Fianna Fail) | Oireachtas source

I will use some of Deputy Anne Rabbitte's time. I thank my colleague, Deputy Michael McGrath, for bringing this Private Members' motion to the floor of the House. The fact that it is three years since the collapse of Setanta Insurance and 1,666 claims remain unsettled at a cost of up to €95 million is wholly unacceptable. The report of the Department of Finance that was published in July 2016, which reviewed the future framework for motor insurance compensation in Ireland, seems to carry little interest for those who run the motor industry. That the insurance industry appears to have made little or no attempt to implement its proposals is further evidence that it seems happy to ignore the will of the House and that of the Irish people.

The behaviour of the insurance industry as a whole in this country over the past number of years can be compared to that of the drug cartels. In the case of Setanta Insurance, it was selling its services here while it was supposedly regulated in Malta. The behaviour of the insurance industry has seen individuals and families lose their independence as a result of the inexcusably high premium rates for insurance and driving will soon become a luxury for the wealthy. It is also one of the reasons little public transport is available in rural areas. Hackney services cannot afford to pay for the insurance required to run a service in these communities.

The insurance industry as a collective entity needs to be reined in by the Government. Legal action must be taken against any nation that fails to properly regulate an insurance company that is registered within its jurisdiction and selling insurance in Ireland. The failure of the authorities in Malta and Gibraltar to adequately regulate Setanta Insurance and Enterprise Insurance has cost Irish customers more than €100 million and affected more than 15,000 people.

This Private Members' motion is vital as it will provide clarity for customers in the event of another insurance company folding. It seeks to hold to account those who were accountable for the collapse of Setanta Insurance and to address all outstanding claims as a result of its collapse. Those affected have been waiting three years. They need our support.

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