Michael McGrath (Cork South Central, Fianna Fail)
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109. To ask the Minister for Finance the progress that has been made in respect of the liquidation of Setanta Insurance; if those caught up in outstanding claims are facing any losses; the role of the Insurance Compensation Fund; and if he will make a statement on the matter. [10982/15]

Michael Noonan (Limerick City, Fine Gael)
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Setanta Insurance Company Limited is a Maltese incorporated company.   Setanta was formally placed into liquidation by the Maltese Financial Services Authority on 30th April 2014 when a Liquidator was appointed under the provisions of the Maltese Companies Acts 1995.  The liquidation is proceeding according to Maltese law. 

The liquidation of an insurance company is a legally complex and time consuming process.  The Liquidator has advised that settlements and refunds of premiums can only be paid out after all of the Company's liabilities are quantified.  Since it could some time for a particular case to be finalised and, under the Statute of Limitations, claimants are given two years following an accident to make an initial claim, it may take some years before the liquidation process is completed. 

The Insurance Compensation Fund provides for payments to meet the liabilities of insolvent insurers in certain cases where it is unlikely that claims can be met otherwise than from the ICF.  Management and administration of the ICF is under the control of the President of the High Court acting through the Office of the Accountant of the Courts of Justice.  The approval of the President of the High Court is required before any payments from the ICF to policyholders can commence and the Accountant has advised that clarification has been sought on some legal matters before progressing further.

The Accountant of the Courts of Justice can only deal with claims which are submitted by the Liquidator, so the advice to all claimants continues to be that they should contact the Liquidator of Setanta.