17th April 2014: Insurance Ireland notes the announcement by Setanta Insurance Company Ltd today that Setanta has surrendered its insurance business licence to the Maltese Financial Services Authority, that Setanta is immediately dissolved and that a liquidator of the company has been nominated.
Insurance Ireland CEO, Kevin Thompson, said “Setanta policyholders will be concerned by this news. I would like to reassure them that, while Setanta is regulated by the Maltese authorities and is not an Insurance Ireland member, Insurance Ireland members will make every effort to assist Setanta policyholders over the coming days. Our advice to Setanta policyholders is that they should arrange new motor insurance immediately.”
Insurance Ireland members will be open for business over the coming days to assist Setanta policyholders in arranging cover.
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For further information please contact:
Gerry O’Sullivan, Q4 Public Relations Tel: 087 2597644
Nuala Buttner, Q4 Public Relations, Tel: 085 1744275
Notes to Editors:
About Insurance Ireland
As the voice of insurance actively promoting the highest standards, Insurance Ireland represents 95% of the domestic market and 70% of Ireland’s international life insurance market. This business generates €25bn in premium income (domestic and overseas), employs 14,000 people, with another 13,000 employed in ancillary services and contributes over €1.6 billion in tax to the Irish exchequer.
Insurance Ireland, which is the representative body for insurance companies in Ireland, was previously known as the Irish Insurance Federation.
1. Setanta Insurance Company Limited is authorised and supervised by the Maltese Financial Services Authority and transacts motor insurance in Ireland under EU Freedom of Services Legislation.
2. Insurance Ireland Members’ Contact Details and Opening Hours over Easter Weekend
AXA Private Car www.axa.ie Opening Hours Friday, Saturday and Monday 8am – 8 pm Tel: 1890 247365
AIG Private Car www.aig.ie Opening Hours Friday 9am – 1pm
Allianz Private Car www.allianz.ie Opening Hours Saturday 9am – 5pm and Saturday 9am – 4pm
Tel: 1890 484848
Aviva Private Car www.aviva.ie
FBD Private Car www.fbd.ie
Liberty Insurance Private & Commercial Light Van www.libertyinsurance.ie Opening Hours Friday 8am – 7pm and Saturday 9am – 4.30 pm
RSA (through 123.ie) Private Car www.123.ie
Zurich Private Car & Commercial Light Van www.zurichinsurance.ie
Central Bank of Ireland’s public contacts helpline number 1890 777777
is open Monday to Friday from 9am – 6pm.
3. Third party victims of accidents involving vehicles insured by Setanta are asked to submit their claims in the first instance to Setanta as outlined in today’s statement from Setanta. If such claims are not honoured by Setanta they may be submitted to the Motor Insurers’ Bureau of Ireland (MIBI) together with the relevant statement of denial from Setanta. The MIBI will handle such claims in accordance with its agreement of 29 January, 2009 with the Minister for Transport. The MIBI will then pursue legal recourse for such claims with the responsible authorities in Malta.
Policyholders and brokers should continue to send correspondence on claims to Setanta as outlined in today’s statement from Setanta.
4. How do I access the Insurance compensation fund?
A note on the operation of the Insurance Compensation Fund can be found:
At present, as Setanta continues its run-off then all policyholder claims shall be managed by Heritage Insurance Management Malta. Until otherwise advised policyholders should continue to send individual claims or claims matters to Setanta Insurance at their address:
Suite 6, Plaza 255
Blanchardstown Corporate Park 2
Ballycoolin
Dublin 15, Ireland
Phone: 0818 255 255 (if calling from outside Ireland please dial +353 1 897 6300)
Email: support@setantainsurance.com
5. Declined Cases Agreement
The current Declined Cases Agreement was drawn up in 1981 and is adhered to by all motor insurers in Ireland.
Under the agreement, the insurance market will not refuse to provide insurance to an individual seeking insurance, if he/she has approached at least three insurers and has not been able to obtain cover from them. In general, the insurer first approached will be required to provide the individual with a quote. It is therefore important that the proposer keeps a careful note of the order in which he/she approached each of the three companies.
Where an individual has held a policy within the previous three years, the insurance company concerned is obliged to provide the individual with a quotation. Again this is subject to the proviso that refusals have been received from three insurers (of which the previous insurer may be one). In the case of Setanta, the last insurer for such risks becomes the insurer the proposer left to go to Setanta where that insurer’s policy was issued within the last three years.
The only grounds on which an insurer can refuse cover is where to provide insurance would be contrary to public interest.
The agreement is administered by a Committee made up of representatives of each of the companies who have signed the agreement. If it is impossible to identify which insurer was the first approached for a quote, then a rota of insurers comes into effect and the Committee allocates the risk to the next insurer on the rota.
6. How do I know if I am insured by Setanta?
If insurance has been obtained by a broker please first check with them, otherwise your insurance disk will have a record of your primary insurer.