Éamon Ó Cuív (Galway West, Fianna Fail)
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91. To ask the Minister for Finance to outline the position regarding insurance claimants against a company (details supplied); when payments will be made to these persons; the reason for the delay; the steps he is taking to expedite the matter; and if he will make a statement on the matter. [29658/16]

Michael Noonan (Limerick City, Fine Gael)
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The liquidation of an insurance company is a legally complex and time consuming 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 has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland v the Motor Insurers' Bureau of Ireland (MIBI). On 4 September 2015, the High Court held that the MIBI's liability under the Motor Insurers' Bureau of Ireland Agreement 2009 extended to situations of insurer insolvency (subject to each individual claim being deemed eligible under the 2009 Agreement).  This decision was 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. That appeal will be heard before the Supreme Court on 24 October 2016. This case is sub-judice.

The Liquidator for Setanta has informed me that:

- The number of open claims was 1,678 as at 31st May 2016.

- The claims reserves position stands at between €87.7 million and €95.2 million.

- The Liquidator reports that it is proving difficult to settle claims in advance of the outcome of the MIBI appeal.

- Final settlements can only be paid out after all of the company's liabilities are quantified, including claims.

- The Liquidator continues to be of the view that he will not be in a position to meet more than 30% of claims.

Therefore, in summary the current position is that 3rd party motor insurance claims will not be fully processed until after the outcome of the Supreme Court Appeal, which itself could take a few months to be finalised.

I expect to be able to provide a more accurate update after the legal proceedings are concluded.