Results 4,481-4,500 of 4,810 for speaker:Liam Twomey
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (1 Apr 2015)
Liam Twomey: The committee is now in public session. We will have two separate sessions. Session A will be an update on issues pertaining to the liquidation of Setanta Insurance and session B will be to consider the following orders referred to this committee by the Dáil: Freedom of Information Act 2014 (Effective Date for Certain Bodies) Order 2015 and Freedom of Information Act 2014 (Exempted...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: Setanta Insurance Company Limited went into liquidation in April 2014. At the time of entering liquidation, the company had approximately 75,000 policyholders. Currently, just under 1,800 claims are still open. As part of the liquidation process, all policies were cancelled by the end of May 2014. The purpose of the meeting will be to update the committee since its previous engagement on...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: I thank Mr. Hession. I ask Mr. Mercieca to make his opening remarks.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: As this is a very detailed issue, I ask Deputy Michael McGrath to limit his contribution to questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: I have two questions to ask before moving on. Has Mr. Mercieca identified who the shareholders are and what their responsibilities are in the collapse? Who had supervisory responsibility? What supervision of Setanta Insurance was there? Mr. Mercieca might answer before I invite Deputy Regina Doherty to contribute.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: A year later?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: To which courts has Mr. Mercieca applied? The Irish courts?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: But most of the shareholders are supposedly domiciled in Ireland.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: We know nothing about the shareholders.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: We will return to this issue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: I am sorry, Deputy, but I am going to move on. I will come back to him later for his next question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: No.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: Mr. Mercieca said in his opening statement that he had engaged with a lawyer to see whether, in his opinion, there were grounds for an action to be brought against those responsible for running the company. Has Mr. Mercieca suspicions that there may be concerns about how the company was run and that he may well need to pursue the directors or those responsible for running the company?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: The total number of claims as of the end of March 2015 is around 619, that is, approximately 1% of the 75,000 people who were insured with Setanta Insurance. As the cost of the claims could run to €90 million, the average cost of claim is running at €150,000. That appears high when compared with equivalent costs in other insurance companies. Mr. Hession said there has been...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: Are we are responsible for €1.5 billion of that €6.5 billion?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: A quarter of all state aid towards collapsed insurance companies is paid out by Ireland and we are members of the European Union.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: Given the failure of Quinn failure and of this company as well, is there a problem with regulation? Should we be looking at our regulations in this area?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: This question is to Mr. Quigley. If the Motor Insurers' Bureau of Ireland, MIBI, is made liable, is 100% responsible and is involved in 1,400 of the 1,700 cases, does it have recourse to the liquidator for funding?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: Can anyone comment on that? If it is made responsible for 1,400 of the cases, can it go back to the liquidator?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Liam Twomey: The liquidator should pay out first and then the MIBI-----