Update on Setanta Insurance Company Limited 

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Update 20 May 2014

The Liquidator to the Setanta Insurance Company has commenced issuing letters to policyholders informing them that their insurance cover will be cancelled within 7 or 10 days, depending on the type of policy held.  The Central Bank strongly recommends that policyholders who receive these letters immediately contact either an insurance broker or an insurer directly to seek alternative insurance cover.  The Central Bank is aware that many insurers are being flexible surrounding requirements for documents, including no claims bonus letters, which means policyholders can obtain alternative cover without presenting this document immediately to their new insurer.  Therefore consumers should engage with their broker or an insurance company without delay.

Update 9 May 2014

The Liquidator of Setanta Insurance Company has placed notices in national media informing policyholders of his intention to cancel all policies issued by Setanta Insurance by way of a 7 or 10 day cancellation notice. The cancellation notices will be sent to all policyholders within the next seven days.

The Liquidator has confirmed that all policy holders, that have not already done so, should arrange alternative cover without delay as claims are unlikely to be paid in full and once the notice period has expired all policies will be cancelled by the Liquidator.

The Central Bank is in ongoing contact with the Malta Financial Services Authority in relation to Setanta Insurance and we have notified all brokers of the Liquidator’s notice. The Central Bank has been engaging with over 230 brokers who were offering policies from Setanta Insurance to consumers to request they immediately contact any Setanta policyholder and inform them of the urgency to make alternative motor insurance arrangements. The Central Bank has also been in contact with the Irish broker’s representative bodies, the Department of Finance and Insurance Ireland on the issue. We have also required all brokers to ensure they provide assistance to any policyholder and provide them with all relevant information and documentation as required.

Policyholders can continue to contact the firm with any questions at:

    Suite 6, Plaza 255

    Blanchardstown Corporate Park 2    

    Ballycoolin

    Dublin 15

    Ireland

    Tel:  0818-255255

The Central Bank has updated its Q&A with information for consumers.

Update 30 April 2014

The Central Bank has been in ongoing contact with the Malta Financial Services Authority (MFSA) in relation to Setanta Insurance. The MFSA has advised the Central Bank that a liquidator, Mr Paul Mercieca, has been appointed to the firm, who will be responsible for the administration of the company’s assets and liabilities.  

The Central Bank has been engaging with over 230 brokers who were offering policies from Setanta Insurance to consumers to require them to immediately contact any Setanta policyholder and inform them of the urgency to make alternative motor insurance arrangements.  The Central Bank has also been in contact with the Irish broker’s representative bodies, the Department of Finance and Insurance Ireland on the issue.  We have also required all brokers to ensure they provide assistance to any policyholder and provide them with all relevant information and documentation as required.

It is expected that the liquidator will be contacting all policy holders. In the interim, policyholders with any queries can continue to contact Setanta Insurance Services Limited.

The MFSA has also published information on its website which is available here.

17 April 2014

Setanta Insurance Company Limited (Setanta) is a Maltese incorporated company subject to prudential supervision in Malta by the Malta Financial Services Authority (MFSA).  Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard.

The Central Bank of Ireland was notified by the MFSA on 16 April that the shareholders of Setanta have resolved to wind up the company.  This is a process that will take place in Malta overseen by the MFSA.

The Central Bank will require Setanta to write to all policyholders to advise them of the situation and its implications for them.

Setanta is not in a position to confirm that claims will be met in full since any and all claims will be subject to the relevant liquidation process.  Policyholders should therefore make arrangements for alternative cover without delay.