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For more than 800 claimants of insolvent provider Setanta Insurance, the long wait is over… at least partially.
A report by The Times said 826 individuals had been compensated, in three tranches, a total of €14.6 million. Back in 2014, the Maltese insurer left Ireland with approximately €90 million worth of outstanding claims.
Payouts came from the Insurance Compensation Fund – and not the industry-backed Motor Insurers’ Bureau of Ireland – in line with a 2017 ruling by the Supreme Court. However, the state fund has a payout limit (€825,000 or 65% of a claim), adjusting which requires a change in legislation.
According to the report, the abovementioned claimants received average compensation of €17,675. Further payments, to cover the remaining 35%, will be made eventually.
It was on January 30 that finance minister Paschal Donohoe announced that the Irish government had agreed in principle to ensure full compensation.
“We are now four months on [from the minister’s announcement] and the government hasn’t even published the insurance (amendment) bill which is necessary to ensure claimants receive 100% of what they are owed,” the report quoted Fianna Fáil finance spokesperson Michael McGrath as saying. “This whole sorry saga has developed into a nightmare for many claimants.”
Donohoe, in response, said he hopes the bill passes all stages in an efficient manner.
