Mr Justice Peter Kelly, the retiring president of Ireland’s High Court whose last day of service is today (June 17), has approved the latest payment for claimants of insolvent car insurer Setanta Insurance.
According to the Irish Examiner, this is the seventh Setanta-related payment to come from the state’s Insurance Compensation Fund (ICF) since 2016. The amount, a total of €8.35 million, includes more than €3 million in legal costs and about €5 million to settle third-party claims.
It was highlighted that ICF’s current balance stands at more than €80 million, with Setanta having contributed around €7 million to the fund when it was still operational.
The Maltese provider, which left Ireland with millions worth of outstanding claims in 2014, previously noted: “The Insurance (Amendment) Act 2018 is welcomed by the liquidator as it will allow insurance claimants to be fully compensated and removes the potential exposure of former policyholders of Setanta Insurance to any shortfall in relation to third-party claims.”
The legislative change had been necessary to address the issue of ICF’s payout cap, for the benefit of claimants.
