Thursday August 13, 2020

Government fund to foot bill for liquidated motor insurers

Review brings clarity to market, following 2014 Setanta collapse

22nd July, 2016

Third-party motor insurance claims should be covered by a state fund in the event of an insurer going into liquidation, a new government report recommends.

The Insurance Compensation Fund (ICF) could be used in the event an insurer meets the same fate as Setanta Insurance, which collapsed in 2014, leaving 1,700 unpaid claims in its wake.

The review, conducted by a working group run jointly by the Department of Finance and the Department of Transport, was a...

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