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Setanta Insurance Situation Needs to be Addressed

I have again brought attention to the motorists who lost out when Setanta Insurance collapsed almost a year ago are still waiting for any compensation or assistance. People who took out insurance with “Setanta Insurance” in good faith found themselves in a serious legal position when the company collapsed and they were left with no option but to fork out again for insurance cover for their cars, vans etc.

The Oireachtas Finance committee was informed recently that despite the fact that there are compensation funds which were set up to protect motorists that nothing has yet been done for those who feel cheated that a company who was allowed to advertise for business in Ireland did not have any bonding or guarantee to underwrite their business.

“Consumers feel that they were not protected by legislation and by regulators here in Ireland. One would have to excuse everybody who thought they were dealing with an Irish company(“Setanta”) and naturally they were very surprised to find that they were actually dealing with a company licenced in Malta.”

“The total bill is estimated to be close to €95m for Irish consumers and I have been raising this issue for the past year” said Deputy Fitzmaurice “but we now appear to have a situation where there is uncertainty as to whether the Insurance Compensation fund or the Motor Insurance Bureau of Ireland should be the ones to help the consumer on the ground who has been left out of pocket”

“I know hard-working people who availed of the insurance being offered by Setanta and were left high and dry through no fault of their own and I think its time the government got their act together and decided who should compensate those who have lost out”