Irish Parliament puts spotlight on insurance sector

Irish Parliament puts spotlight on insurance sector

The collapse of Gibraltar-based insurance firm Enterprise prompted a debate in the Irish Parliament last week as parliamentarians called on the Irish Government to take legal action against the Rock.
The call was made by Ireland’s Opposition Spokesman for Finance, Michael McGrath, who brought a private member’s motion to the Irish Parliament, the Dáil Éireann, relating to the insurance industry.
Mr McGrath sort clarification as to the impact Brexit will have on the motor insurance market in Ireland, including the issue of ‘passporting’ in from the UK and Gibraltar.
The motion also put the spotlight back on Setanta Insurance, a company regulated in Malta that collapsed in 2014 prior to Enterprise, and the “mishandling” of the fallout from the collapse.
The Irish Government allowed the motion to pass by abstaining but will not implement its contents and ruled out any prospect of legal action.
Enterprise Insurance went into liquidation in July of 2016, affecting 14,000 Irish motorists and leaving a multi-million pound deficit.
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