1. As an existing policyholder, do I need to take any action now that the company is in liquidation?
If you have not yet cancelled your Setanta motor insurance policy, you should do so immediately and arrange alternative insurance cover without delay. Your 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 by Setanta Insurance in accordance with the cancellation periods set out in the terms and conditions of policies.
All remaining private vehicle insurance policies will be cancelled by the liquidator on 26th May and all Commercial vehicle policies will be 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. Can I purchase a new policy of insurance with a new provider before I receive my no claims bonus certificate?
Yes, you can purchase a new policy without having received your no claims bonus certificate. this certificate should then be sent on to your new insurance provider as soon as you receive it from your broker.
4. Where can I get a copy of my no claims bonus certificate?
No claim bonus certificates will be available from your broker shortly. Please refer back to this website for updates.
5. 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