Thursday, 5 March 2020
Department of Finance
Insurance Compensation Fund
102. To ask the Minister for Finance when the next payments from the insurance compensation fund will be authorised by the High Court for claimants in the case of a company (details supplied); and if he will make a statement on the matter. [3750/20]
Setanta Insurance ("Setanta") was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.
As the Deputy is aware, neither I nor the Department of Finance have any role in the process including the making of applications to the High Court or payments.
Regarding when the next payments will be made, the Deputy will note that in accordance with the relevant legislation, there are certain steps to be completed in preparing any application to the High Court for payment from the ICF. These steps include the assessment and verification of each individual claim within the application by the State Claims Agency.
Officials in my Department have contacted the State Claims Agency who have confirmed that the date of the next Court application relating to Setanta claims is not yet known. The audit and legal process leading to the Court application will commence towards the end of March. It is expected that the Court application will be in April 2020 with payments being made most likely towards the end April or in early May. It is understood the value of the next tranche of Setanta payments will be approximately €7.5 million.
Finally, any individual (or their solicitor) who has queries about their payment should contact the liquidator via phone at +353 (0)818 255 255 or via email at firstname.lastname@example.org.