Dáil Éireann - Volume 541 - 09 October, 2001
Written Answers. - Company Insolvency.
Mr. O'Shea Mr. O'Shea
190. Mr. O'Shea asked the Tánaiste and Minister for Enterprise, Trade and Employment the proposals she has to enter into early discussions with the British authorities with a view to obtaining retrospective insurance cover for hoteliers here who were out of cover for a period following the collapse of the Independent Insurance Company; and if she will make a statement on the matter. [23156/01]
Mr. Treacy Mr. Treacy
Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy): Officials of our Department met yesterday with officials from the UK Treasury Department and from the Financial Services Authority in the UK in connection with the failure of Independent Insurance Company Limited – IICL – a UK authorised insurer.
In replies to parliamentary questions tomorrow, I will be giving more information regarding the outcome of that meeting. Responsibility for ensuring that IICL could meet claims from its policyholders lay with the UK authorities, who were responsible for the financial supervision of the company.
Following the commencement of the liquidation process in the UK, I immediately met with representatives of the Irish Insurance Federation to address the serious consequences for the company's Irish policyholders. The industry here provided alternative cover, within a short timescale, for most of the policyholders affected. Companies are at liberty to seek insurance on the London market or elsewhere in the European Union. I would point out that insurance cover is provided through the marketplace by individual private insurance companies that offer cover on the basis of their assessment of the risk.
Dáil Éireann 541 Written Answers. Company Insolvency.