Insurance Ireland notes today’s announcement by the Central Bank of Ireland that a liquidator has been appointed to Setanta Insurance, who will be responsible for the administration of the company’s assets and liabilities.
Insurance Ireland CEO, Kevin Thompson, said “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. Our advice to Setanta policyholders is that they should arrange new motor insurance immediately”.
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Notes to Editors:
1. Setanta Insurance Company Limited is authorised and supervised by the Malta Financial Services Authority and transacts motor insurance in Ireland under EU Freedom of Services Legislation.
2. Contact Details:
Insurance Ireland Members’ Contact Details are as follows:
AIG Private Car www.aig.ie T 01 2081400
Allianz Private Carwww.allianz.ie T 01 6133000
Aviva Private Carwww.aviva.ie T 01 8988000
AXA Private Car www.axa.ie T 01 4711701
FBD Private Car www.fbd.ie T 01 4093200
Liberty Insurance Private & Commercial Light Van www.libertyinsurance.ie
T 049 4368100
RSA (through 123.ie) Private Car www.123.ie T 01 5181434
Zurich Private Car & Commercial Light Van www.zurichinsurance.ie T 01 6091330
3. What implications does the liquidation have?
Please see link to updated statement from the Central Bank of Ireland below:
http://www.centralbank.ie/press-area/press-releases/Pages/StatementonSetantaInsuranceLimited.aspx
4. 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.
5. 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 disc will have a record of your primary insurer.
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.