72. Deputy John Browne asked the Minister for Finance his views on what has turned out to be an inappropriate insurance compensation fund mechanism for claims against the former Setanta Insurance, in liquidation, which only allows 65% of awards and costs, in view of the fact that policyholders are statutorily bound to take out a motor policy by Government who therefore have a direct or indirect responsibility to adequately oversee the financial viability of insurance companies; his views on whether oversight was lacking in the case of Setanta Insurance, in liquidation; if it is acceptable to him that the balance of 35% of awards and cost should have to be the subject of separate legal action by claimants in view of the statutory nature of motor insurance; the actions that have been taken by Government to ensure that the situation pertaining to the collapse of Setanta Insurance, in liquidation, does not happen again; his plans to amend the Insurance Act 1993 to allow the President of the High Court to administer awards and costs up to the full amount of such awards and costs; and if he will make a statement on the matter. [9545/15]

Summary

72. Deputy John Browne asked the Minister for Finance his views on what has turned out to be an inappropriate insurance compensation fund mechanism for claims against the former Setanta Insurance, in liquidation, which only allows 65% of awards and costs, in view of the fact that policyholders are statutorily bound to take out a motor policy by Government who therefore have a direct or indirect responsibility to adequately oversee the financial viability of insurance companies; his views on whether oversight was lacking in the case of Setanta Insurance, in liquidation; if it is acceptable to him that the balance of 35% of awards and cost should have to be the subject of separate legal action by claimants in view of the statutory nature of motor insurance; the actions that have been taken by Government to ensure that the situation pertaining to the collapse of Setanta Insurance, in liquidation, does not happen again; his plans to amend the Insurance Act 1993 to allow the President of the High Court to administer awards and costs up to the full amount of such awards and costs; and if he will make a statement on the matter. [9545/15]

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• Insurance Compensation Fund

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