Eoghan Murphy: Car insurance needs supervision at EU level
In the Oireachtas Finance Committee last Thursday, Senator Kiernan O'Donnell asked a pertinent question - how do we avoid another Setanta?
The Supreme Court decision on the Setanta case between the Law Society of Ireland and the Motor Insurers' Bureau of Ireland is very welcome. This decision in favour of insurers removes the uncertainty that has seriously delayed the payment of over 1,600 outstanding third party claims.
We can now accelerate the process of resolving these claims which have been outstanding since Setanta collapsed in 2014. Work is already underway to expedite the first payments from the Insurance Compensation Fund; the first tranche is expected shortly.