Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

148. To ask the Minister for Finance further to Parliamentary Question No. 42 of 4 June 2014 his views on whether there is a discrepancy in his statement that notice did not advise that it would be business-as-usual for claims settlement and the section 5 under questions and answers in a document (details supplied) which states Setanta Insurance Company Limited has advised the Malta Financial Services Authority that it is business-as-usual in terms of payment of claims; and if he will make a statement on the matter. [25299/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

My response to the Parliamentay Question to which the Deputy refers was made on basis of information available on the website of the Maltese Financial Services Authority (MFSA) website at on 4 June 2014.

This public website contains a list of notices, including one notice dated 27 January 2014 (ref. 07-14) with the title Notice of cessation of business  Setanta Insurance Company Limited (attached).  The response to Parliamentary Question 42 of 4 June 2014 was based on that notice, which the Deputy will note does not state that it would be business as usual for claims settlement.

Following on from your query with regard to a discrepancy, my officials have contacted MFSA directly and they have informed the Department as follows: 'The MFSA's  notice of the 27 January 2014  with the link to the original Q&A remained on the Authority's  website until late afternoon 16 April 2014 when the link to the old Q&A was deactivated. Same day i.e. 16 April an 'intermediary' notice (No 30/2014) was issued.  A new Notice (33/2014) with the link to the updated Q&A was uploaded in the afternoon of the 17 April 2014.'

The Deputy will appreciate that it falls outside my remit to keep a record of the movement of notices, including 'intermediary' notices published and subsequently removed by the MFSA as that Authority is not accountable to me as Minister for Finance.  Furthermore, having reviewed the matter, it is clear that the information published by the MFSA in January 2014 reflected the position at that time and, once updated information became available, the notice was changed.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

149. To ask the Minister for Finance under SI 74 of 2007 the final date legally on which an offer for renewal sent on the 27 January by an insurance intermediary will be finalised. [25300/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

SI 74/2007 dated 22 February 2007 sets out Central Bank of Ireland Regulations requiring insurers to give clients (a) 15 working days notice in writing of a renewal of the policy and terms of the renewal; and (b) a No Claims Bonus Certificate, as a separate document in addition to the renewal notification. 

Regulation 5(1) prescribes that an insurer shall, not less than 15 working days prior to the date of expiry of an insurance policy, issue the policyholder with a written notification of invitation of renewal or a notification that the insurer does not wish to invite a renewal. This SI does not contain any requirements in relation to the timelines for the validity of renewal notices of insurance contracts. However, the 2012, clause 4.30 states that: A regulated entity providing an insurance quotation to a consumer must include the following information in the quotation, assuming that all details provided by the consumer are correct and do not change:

1. the monetary amount of the quotation;
2. the length of time for which the quotation is valid; and
3. the full legal name of the relevant underwriter.