3. Deputy Michael McGrath asked the Minister for Finance the status of a company (details supplied); his plans to publish the actuarial report on the liquidation of the company; when he expects to receive legal advice from the Attorney General; if he has consulted with the industry on the way in which to deal with the residual claims outstanding following the liquidation; and if he will make a statement on the matter. (Question 51248/17 asked on 30 Nov 2017 - Insurance Industry)

Deputy Michael McGrath: This question relates to Setanta Insurance and the fallout from the collapse of that company in April 2014. This matter has developed into a nightmare for many of the policyholders concerned. I have discussed it with the Minister of State, Deputy D’Arcy, on a number of occasions. The current state of play is that many Setanta policyholders are being told, legally, that they are potentially on the line themselves. They are potentially exposed by way of judgments agains...

89. Deputy Joan Burton asked the Minister for Finance his plans to review household insurance policies in view of the losses suffered by businesses and households as a consequence of Storm Ophelia; and if he will make a statement on the matter. (Question 44792/17 asked on 24 Oct 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, however I cannot interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from...

131. Deputy Charlie McConalogue asked the Minister for Finance the reason the Government has not agreed to cover 100% of compensation claims against persons (details supplied); if this means former customers are now potentially liable for partial costs of claims; if he will reconsider his approach on this issue; and if he will make a statement on the matter. (Question 43664/17 asked on 17 Oct 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): Setanta Insurance 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 you are aware, the Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor in...

94. Deputy Fiona O’Loughlin asked the Minister for Finance the steps he will take to address alleged cartel like activity in the insurance industry; and if he will make a statement on the matter. (Question 42077/17 asked on 04 Oct 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): The Competition and Consumer Protection Commission (CCPC) is the statutory independent body responsible for the enforcement of domestic and EU competition law in the State.  Section 9(5) of the Competition and Consumer Protection Act 2014 provides that the CCPC is independent in the performance of its functions, including carrying out investigations of alleged anti-competitive practices.  
It is my understanding that the CCPC has been undertaking an...

176. Deputy Aengus Ó Snodaigh asked the Minister for Transport, Tourism and Sport the reason there is no legislation forcing insurance companies to disclose claims statistics to show transparency and justify rising costs. (Question 40820/17 asked on 27 Sep 2017 - Insurance Industry Regulation)

Minister for Transport, Tourism and Sport (Deputy Shane Ross): This matter falls under the remit of the Minister for Finance as it relates to the collection of claims statistics arising from insurance claims and the legislation governing insurance generally, rather than the specific legislative requirements governing the obligation for motorists to have insurance arising from domestic and international law.
 ...

73. Deputy Thomas P. Broughan asked the Minister for Finance if further measures are being taken by the EU Commission and his department to address the alleged cartel-like activity and price gouging in the insurance market; and if he will make a statement on the matter. (Question 40285/17 asked on 26 Sep 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): The European Commission on 04 July 2017 carried out an unannounced inspection at the premises of companies active in motor insurance in the State. The basis for this inspection was a concern by the Commission that the companies involved may have engaged in anti-competitive practices in breach of EU antitrust rules that prohibit cartels and restrictive business practices and/or abuse of a dominant market position.
As Minister for Finance, I am not i...

83. Deputy Pearse Doherty asked the Minister for Finance when he expects the remaining claims from a company (details supplied) to be settled; and if he will make a statement on the matter. (Question 40549/17 asked on 26 Sep 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): Setanta Insurance 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 you are aware, the Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor in...

119. Deputy Robert Troy asked the Minister for Finance the reason vehicles which are over ten years of age and pass the national car test can be refused insurance quotes from a large percentage of providers. (Question 33214/17 asked on 12 Jul 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This position is reinforced by the EU framework for insurance which expressl...

107. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation if she has spoken to the Competition and Consumer Protection Commission, CCPC, since news emerged that insurance companies, brokers and representative bodies for the industry were raided yesterday by officers from the CCPC and the European Competition Directorate as part of an ongoing investigation into alleged price fixing; her plans to ensure there is a robust regulatory framework in place in this area; and the position regarding meeting actions under the cost of insurance working group report in circumstances for which her Department has specific responsibility. (Question 32529/17 asked on 11 Jul 2017 - Insurance Industry Regulation)

Tánaiste and Minister for Jobs, Enterprise and Innovation (Deputy Frances Fitzgerald): Under the Treaty on the Functioning of the European Union, the EU Commission has exclusive competence for competition law, including conducting investigations into alleged infringements of Article 101 and 102 of the Treaty on the Functioning of the EU. As the investigation referred to by the Deputy is an EU-led live investigation, it is not appropriate for me as Minister for Jobs, Enterprise and Innovation to...

82. Deputy Róisín Shortall asked the Minister for Finance if his attention has been drawn to the problem of fraudulent car insurance brokers; the steps he is taking to address this issue; the regime in place for establishing the bona fides of brokers; the penalties attached to fraudulent trading; and his views on the adequacy of the current regime. (Question 32015/17 asked on 06 Jul 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I am aware of the issue raised by the Deputy. I note that An Garda Síochána this week advised the public on how to avoid such fraudulent insurance brokers, discouraging motorists, for example, from buying insurance policies from unusual sources such as social networks, or in bars or restaurants or public places. 
A valid certificate of motor insurance can be obtained either directly from an Insurance Undertaking or an Insurance Intermediary, other...

110. Deputy Charlie McConalogue asked the Minister for Finance the regulations that are in place for monitoring house insurance prices; his views on a matter (details supplied); if he will ensure that measures will be taken to prevent house insurance costs from rising; and if he will make a statement on the matter. (Question 31337/17 asked on 04 Jul 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressl...

92. Deputy Pearse Doherty asked the Minister for Finance if he will amend the insurance compensation fund legislation to allow the claimants at a company (details supplied) that are likely to be compensated soon; and if he will make a statement on the matter. (Question 30254/17 asked on 28 Jun 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): It is my understanding, after seeking clarification, that the Deputy wishes to know if there is an intention to amend the Insurance Compensation Framework legislation (Insurance Act, 1964) to allow the claimants of Setanta to be compensated for 100% of the amounts due to them.
At the outset you should note that my Department has been advised by the Liquidator that as of 20 June 2017, the number of open claims was 1,578.  
The Office of the Accountan...

61. Deputy David Cullinane asked the Minister for Finance further to parliamentary question No. 125 of 28 March 2017, the position regarding the Supreme Court ruling which was due on 25 May 2017; and if he will make a statement on the matter. (Question 29269/17 asked on 22 Jun 2017 - Insurance Industry)

Minister for Finance (Deputy Paschal Donohoe): The Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance.  The consequence of this is that the Insurance Compensation Fund (ICF) has been deemed responsible for the payment of such third party claims.
Setanta Insu...

329. Deputy Mary Lou McDonald asked the Minister for Finance if his attention has been drawn to an issue (details supplied); and if he will make a statement on the matter. (Question 28723/17 asked on 20 Jun 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 329 and 330 together.
As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is prescribe...

330. Deputy Mary Lou McDonald asked the Minister for Finance if adjustments companies such as a company (details supplied) are required to facilitate the special needs of the disabled; the State measures which exist to discourage excessively aggressive claim management by loss adjusters and insurers; and if he will make a statement on the matter. (Question 28724/17 asked on 20 Jun 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 329 and 330 together.
As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is prescribe...

80. Deputy Michael McGrath asked the Minister for Finance the position regarding resolving the outstanding claims associated with a company (details supplied) in view of the recent Supreme Court judgment; his plans to ensure that 100% of the cost of outstanding claims are met; and if he will make a statement on the matter. (Question 26495/17 asked on 01 Jun 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): I propose to take Questions Nos. 80 to 82, inclusive, together.
The Supreme Court in delivering its judgment on 25 May 2017 overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance.  The consequence of this is that the Insurance Compensation Fund (ICF) has been deemed respo...

81. Deputy Michael McGrath asked the Minister for Finance when he expects payments will start to issue in respect of the outstanding claims associated with a company (details supplied) in view of the recent Supreme Court judgment; and if he will make a statement on the matter. (Question 26496/17 asked on 01 Jun 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): I propose to take Questions Nos. 80 to 82, inclusive, together.
The Supreme Court in delivering its judgment on 25 May 2017 overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance.  The consequence of this is that the Insurance Compensation Fund (ICF) has been deemed respo...

82. Deputy Michael McGrath asked the Minister for Finance the latest estimate from the liquidator of the value of outstanding claims he expects to be able to meet from the proceeds of the liquidation of a company (details supplied); and if he will make a statement on the matter. (Question 26497/17 asked on 01 Jun 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): I propose to take Questions Nos. 80 to 82, inclusive, together.
The Supreme Court in delivering its judgment on 25 May 2017 overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers’ Bureau of Ireland (MIBI) is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance.  The consequence of this is that the Insurance Compensation Fund (ICF) has been deemed respo...

89. Deputy Michael McGrath asked the Minister for Finance the position regarding the impact of the collapse of a company (details supplied); if those with outstanding claims are facing losses; the role of the insurance compensation fund; the role of an organisation (details supplied); the estimated number and value of outstanding claims; the estimated shortfall; and if he will make a statement on the matter. (Question 26504/17 asked on 01 Jun 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): Enterprise Insurance Company plc (Enterprise) is a Gibraltar incorporated company and, therefore, the Enterprise liquidation is being carried out under the laws of Gibraltar.  The situation around the Enterprise liquidation is an evolving one.  The position as it currently stands is as set out below.
A Provisional Liquidator was appointed to Enterprise on 25 July 2016.  A report of the Provisional Liquidator was considered by the Supreme Court of Gib...

84. Deputy Brendan Griffin asked the Minister for Finance his views on a matter (details supplied) regarding taxi insurance; and if he will make a statement on the matter. (Question 25091/17 asked on 25 May 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Michael Noonan): As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This position is reinforced by the EU framework for insurance which expressl...

184. Deputy David Cullinane asked the Minister for Finance the status of recent developments regarding insurance claimants of a company (details supplied); and if he will make a statement on the matter. (Question 24126/17 asked on 23 May 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): Setanta Insurance was placed into liquidation by the Malta Financial Services Authority in April 2014 and this liquidation is being carried out under Maltese law.  Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v the Motor Insurers’ Bureau of Ireland (MIBI). The focus of the court action is to determine whether it is the Insurance Compensation Fund (ICF) or the MIBI which is responsible for...

191. Deputy Maureen O’Sullivan asked the Minister for Finance if his attention has been drawn to allegations of aggressive behaviour by a company (details supplied) and its refusal to comply with disability discrimination legislation as it seeks to deny a person the benefit of house insurance; the action he will take to counter the allegedly aggressive policies; whether such companies should facilitate the needs of the disabled; and if he will consider measures to discourage aggressive behaviour by loss adjusters and insurers. (Question 24238/17 asked on 23 May 2017 - Insurance Industry Regulation)

Minister for Finance (Deputy Michael Noonan): As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is prescribed by EU Directives.  Insurance companies that operate in...

160. Deputy Michael Collins asked the Minister for Finance if compensation has been sought by the Government from Malta arising from the unpaid claims of a company (details supplied); if compensation has been sought from Gibraltar arising from the unpaid claims of a company (details supplied); if a strategy is in place to prevent the same from happening again; and if he will make a statement on the matter. (Question 21928/17 asked on 09 May 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): Setanta Insurance was placed into liquidation by the Malta Financial Services Authority in April 2014 and this liquidation is being carried out under Maltese law. Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v the Motor Insurers’ Bureau of Ireland (MIBI). The focus of the court action is to determine whether it is the Insurance Compensation Fund (ICF) or the MIBI which is responsible fo...

240. Deputy Michael McGrath asked the Minister for Finance the status in terms of resolving the outstanding claims associated with a company (details supplied); and if he will make a statement on the matter. (Question 19389/17 asked on 02 May 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): Setanta was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. This liquidation is being carried out under Maltese law. As of 31 March 2017, the number of open claims is 1,649. Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v the Motor Insurers’ Bureau of Ireland (MIBI). The focus of the court action is to determine whether it is the Insurance Compensati...

265. Deputy Robert Troy asked the Minister for Finance when the recommendations in the insurance report will have an effect on insurance premiums in 2017. (Question 19952/17 asked on 02 May 2017 - Insurance Industry)

Minister for Finance (Deputy Michael Noonan): The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are set out in an Action Plan.
Work is ongoing on the implementation of the recommendations by the relevant Government Departments and Agencies with...