Setanta Insurance Company Limited
Having reviewed its most updated financial position and reached a conclusion that a solvent run-off is no longer possible, Setanta Insurance Company Limited ("the Company") registration number C41670 hereby gives notice that during an Extraordinary General Meeting of its members held on 16 April 2014 it was resolved that:
1. The Company surrenders its insurance business licence to the Malta Financial Services Authority ("MFSA").
2. The Company is immediately dissolved for all effects and purposes of law.
3. Upon its dissolution the Company shall cease to carry on its business except as far as may be required for the beneficial winding up thereof.
4. Dr Louis Cassar Pullicino holder of Maltese ID No. 441061(M), of 171, Old Bakery Street, Valletta, Malta, is nominated as liquidator of the Company.
5. The liquidation process adopted will follow the procedures required for a creditors' voluntary winding up and accordingly the Board of Directors will call a meeting of creditors in terms of Article 278 of the Companies Act, 1995 to be convened on 30 April 2014 wherein the creditors may either ratify the nomination of Dr Louis Cassar Pullicino or appoint another person to act as liquidator.
The appointment of the liquidator is subject to further approval by the MFSA. Until the appointment of the liquidator, Heritage Insurance Management (Malta) Limited will continue to manage the run-off and Setanta Insurance Services Limited will continue to manage the claims.
Policyholders will be given cancellation notification as applicable in accordance with the Central Bank of Ireland's Consumer Protection Code 2012 during which period cover will remain in force.
The Company is however not in a position to confirm that claims in this interim period will be met in full since any and all claims will be subject to the relevant liquidation process.
Policyholders may wish to consider their right to cancel their policy and seek alternative coverage.
Irrespective of whether the cancellation is made by the Company or the policyholder, the Company is not in a position to guarantee pro rata return of premiums.
Once the liquidator's appointment is confirmed, all claims and liabilities will be processed according to the applicable law which process may result in such claims not being met in full. All payments have been suspended until further notice.
Policyholders and brokers should continue to send correspondence on individual claims or other claims matters to Setanta Insurance Services Limited at their address:
Suite 6, Plaza 255
Blanchardstown Corporate Park 2
Dublin 15, Ireland
Phone: 0818 255 255 (if calling from outside RoI please dial +353 1 897 6300)
Should you wish to make any enquiries beyond Setanta Insurance Services Limited or Setanta Insurance Company Limited, both Heritage Insurance Management (Malta) Limited on +356 2248 9100 and the Malta Financial Services Authority on +356 2548 5700 may be approached to assist and/or clarify any relevant matters.
The Company has also made a Frequently Asked Questions section available.