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Common Sense prevails on Setanta issue – Doherty

30 January, 2018 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the government decision to step in and pay the shortfall between the 65% payable by the ICF and the proceeds of the liquidation of Setanta Insurance and the full entitlements of claimants at Setanta.  The Donegal TD added the delay in taking the decision had caused much distress.

Deputy Doherty said:

“I am very pleased to see this common sense decision arrived at. Last week, the Minister informed me he was taking legal advice on the issue.  Setanta collapsed in 2014, so I do think there are legitimate questions as to why this decision took so long.

“Nevertheless, this will come as a huge relief to the victims and the policy holders. I have been calling for this solution for some time and drafted legislation to ensure that the ICF could step in and pay up to 100% as opposed to the current 65%.

“The Insurance (Amendment) Bill 2017 is supposed to put the 100% rule onto a statutory footing through MIBI and ICF funding. I have written to the Finance Committee today seeking this Bill be prioritised so that future Setanta like cases are dealt with in a more straight forward manner.

“I am sure the many families across Ireland affected by the Setanta collapse are breathing a massive sigh of relief today.  This was the only fair outcome and should have happened a long time ago.” 

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