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

Does the Minister of State intend to bring forward amendments in the Seanad next week? Does he intend to complete the passage of the Bill through both Houses next week in order that it can be signed into law by the President without further delay? I thank the Minister of State for his personal interest in this issue. I have been on his case about Setanta and the need to put in place a structure to protect Irish consumers if another such collapse happens. We must bear in mind that the people caught up in the nightmare had taken out valid insurance policies and paid for them in Ireland. They had bought those policies from an insurance company that was regulated principally in Malta but was also regulated here for conduct of business purposes. When it failed, they were left in the lurch in a very bad way for a long period. Like the Minister of State, I personally know of many cases in which great trauma and distress have been caused to individuals and families by the significant delays in having the issue dealt with. I recognise that it was groundbreaking in some ways because the exact responsibilities of the insurance compensation fund and tje MIBI in this scenario had to be clarified.

That went all the way through the court system. We eventually got that clarity. I would have liked to have seen the issue finalised and provided for much earlier but I welcome the fact we are now on the brink of a really important breakthrough for the people who were caught up in the collapse.

The legislation also provides certainty for those other consumers in Ireland who are buying insurance policies. It gives them a safeguard and knowledge that, in the event of another company getting into financial difficulty and ultimately failing, we are giving legislative backing to the full honouring of any outstanding claims caught up in any such collapse. That is right and proper. I urge the Minister of State to ensure the Bill completes its passage next week in the Senate and, I hope, gets signed into law. I hope that, in the autumn, the next tranche of payments can be administered and that as many of the individual outstanding claims as possible will be settled in full so people can move on with their lives.

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