New blow for Setanta claimants – Doherty
Sinn Fein Finance Spokesperson Pearse Doherty TD has said the State and ultimately the taxpayer looks set to foot the bill for third party claims related to Setanta Insurance.
Deputy Doherty said:
“Today the Finance Committee received an update from the Department of Finance which states that ‘the Minister for Finance intends to proceed on the basis that MIBI (Motor Insurance Bureau of Ireland) will not be playing a role in compensating claimants due awards under Setanta policies’.
“In all likelihood these claims must now be sent to the Insurance Compensation Fund, funded by the insurance levy, which itself must queue up and stake its claim under the liquidation process.
“From the outset of the Setanta fiasco Minister Noonan has said that the industry funded Motor Insurance Bureau of Ireland will be in a position to cover all third party claims. Today his Department has confirmed that this is not the case. In practical terms this seems to mean that the State through the liquidation process will now be seeking a bigger slice of what we know to be a small pie.
“It seems unfair and irresponsible of the industry to drop this bombshell so late in the day. The Minister should make a clear public statement as to how the third party claimants will be treated.”