Eamon Scanlon (Sligo-Leitrim, Fianna Fail)
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97. To ask the Minister for Finance if he will meet with stakeholders involved in the liquidation of Setanta Insurance to discuss the issues affecting claimants; if he will investigate the roles of the Motor Insurers' Bureau of Ireland, the Insurance Compensation Fund, the Central Bank and his Department in the event of another insurance company collapsing; and if he will make a statement on the matter. [21400/16]

Michael Noonan (Limerick City, Fine Gael)
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The liquidation of an insurance company is a legally complex process.  Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law. 

Progress in the liquidation of Setanta Insurance has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland (MIBI).  On 4th September 2015, the High Court held that the MIBI is liable in respect of claims against the policy holders of Setanta.  This decision was subsequently appealed by the MIBI and the Court of Appeal upheld the High Court decision.  The MIBI has been granted leave to appeal the decision to the Supreme Court.  As this case is sub-judice, there are certain matters which I am not in a position to comment on at this time. 

The Minister for Transport, Tourism and Sport and I have asked our officials to carry out a review of the framework for motor insurance compensation in Ireland, in the event of a failure of an insurance company.  The objective of the review is to identify the features of a motor insurance compensation framework that is comprehensive, effective, affordable and consumer-focused.

The Joint Working Group has engaged with relevant stakeholders involved in the governance and administration of the motor insurance compensation system including the Central Bank of Ireland, the Accountant of the Courts of Justice, the State Claims Agency and representatives of the insurance industry in Ireland.  The models in place in other jurisdictions have also been considered.

The Minister for Transport, Tourism and Sport and I are currently considering the Joint Working Group's report with a view to publication in the coming weeks.  The report includes recommendations aimed at providing certainty regarding the compensation framework in Ireland.