Notice to Policyholders re Cancellation of Policies of Insurance
At an Extraordinary General Meeting of Setanta Insurance Company Limited (the ''Company'') held on 16th April 2014 it was resolved that the Company surrender its insurance business licence to the Malta Financial Services Authority and be immediately dissolved. Furthermore at a meeting of creditors of the Company held on 30th April 2014 I was appointed as liquidator of the Company.
Take notice that all policies of insurance issued by or on behalf of the Company have now been cancelled. All private vehicle insurance policies issued by the Company which remained active on 26th May 2014 were cancelled with immediate effect on that date. In addition all commercial vehicle Insurance policies issued by the Company which remained active on 29th May 2014 were cancelled with immediate effect on that date. Notices of cancellation were issued on 19th May and all policies were cancelled in accordance with the applicable policy documents.
I believe this to be in the best interest of policyholders as it avoids a situation where consumers continue to drive vehicles insured by the Company in circumstances where their claims would be unlikely to be paid in full.
I would urge policyholders who have not yet done so to make alternative insurance arrangements without delay. All no claims discount certificates have now been sent to brokers.
This notice supercedes all previous Company and third party communications.
Please see Frequently Asked Question below.
Policyholders and brokers should continue to send correspondence on individual Claims or other claims matters to the Company at:
Deloitte & Touche
Tel: 0818 255 255
Setanta Insurance Company Limited (in liquidation)
1. As a former policyholder, do I need to take any action now that the company is in liquidation?
As all Setanta Insurance policies have now been cancelled, you should ensure you have arranged alternative cover with your broker immediately. Your Setanta Insurance disc and Certificate should be returned to your broker.
The Liquidator of Setanta Insurance wrote to all policyholders on 19th May informing them of his intention to cancel all motor policies issued by Setanta Insurance in accordance with the cancellation periods set out in the terms and conditions of policies.
All remaining private vehicle insurance policies were cancelled by the liquidator on 26th May and all Commercial vehicle policies were cancelled on 29th May.
2. Will I receive a refund for the outstanding cover on my policy?
Irrespective of whether the cancellation is made by Setanta Insurance or the policyholder, Setanta Insurance is not in a position to guarantee pro rata return of premiums.
3. Where can I get a copy of my no claims bonus certificate?
All no claim bonus certificates have now been sent to brokers.
4. Will my claim be covered by the Insurance Compensation fund?
The Irish Insurance Compensation fund is provided for under the Insurance Act 1964. The Insurance Act 1964 makes provision for the payment of claims of Irish policyholders of insurance companies authorised in Ireland or in any other EEA member states that are in liquidation. The fund is operated by the High Court and payment of any compensation is a decision of the High Court.
In the case of liquidation, the Irish Insurance Compensation Fund is limited to 65% of the value of a claim in respect of a risk in the State, up to a maximum of €825,000. A sum due to a commercial policyholder may not be paid from the Fund unless the sum is due in respect of a liability to an individual. Further information on the Insurance Compensation fund is available on the website of the Central Bank.ie
5. How do I make a claim?
Please complete the relevant claim form and return to the address above.