**Setanta Insurance**

Mo60

Central Bank have put out statement - sorry I'm no good at links - saying that as Setanta is registered in Malta they, Central Bank, have no responsability to Setanta's policyholders.

How come Setanta was allowed to carry out business in Ireland if this was the case?

MugMugs

Mo60 wrote: »

Central Bank have put out statement - sorry I'm no good at links - saying that as Setanta is registered in Malta they, Central Bank, have no responsability to Setanta's policyholders.

How come Setanta was allowed to carry out business in Ireland if this was the case?

Same way Quinn could write in the UK. You operate on licence in the eu under regulation from your home regulator

Fred Swanson

This post has been deleted.

Mo60

So, in future should we only deal with a company registered in Ireland?

FullblownRose

Mo60 wrote: »

So, in future should we only deal with a company registered in Ireland?

Remember Quinn

Fred Swanson

This post has been deleted.

MugMugs

Fred Swanson wrote: »

The MIBI would step in if that happened.

You're probably right but I'd be wary nonetheless

FullblownRose

So one of you havebeen told ten days, I was told two months 'though I was advised not to rely on comprehensive claims, but the two months referred to third party ...
We have a family car and husbands work vehice... 'til recently both were insured by Setanta..so I changed to ARB a few months back because my broker set that up for me and I'm ok as far as the car goes but husbands work vehice is possibly uninsured under Setanta! He has to work five days a week or more and might have to travel to the other side of the country if a job comes up. Parking his work vehicle up and not taking the chance is not an option for us or the mortgage and bills woud not get paid. Using my car is not an option- not suitable to carry tools and I need it myself.

Iansheridan

Malta are in the EU. Freedom of business IIRC

Mo60

Fred Swanson wrote: »

This post has been deleted.

According to our Certificate of Insurance, Setanta are regulated by the Central Bank of Ireland for conduct of business rules.

Nicki6000

Work in a brokers office and I'm
Just as confused as everyone else. As far as we were concerned everyone who paid a premium was guaranteed up until renewal. They went to the media first. Awful conduct. Could not advise any of my customers today. As above poster said they are regulated by the central bank of Ireland and consumer protection code states that 60 notice should be given.

FullblownRose

Nicki6000 wrote: »

Work in a brokers office and I'm
Just as confused as everyone else. As far as we were concerned everyone who paid a premium was guaranteed up until renewal. They went to the media first. Awful conduct. Could not advise any of my customers today. As above poster said they are regulated by the central bank of Ireland and consumer protection code states that 60 notice should be given.

Their website says its under maltese regs and and all of the news reports ive heard said the same. apparently they applied to be reguated in ireland but there was some condition they did not want to be subject to so they went for malta instead.

Builderfromhell

Paid my premium last month to Setanta. 550 euro because of open claim. Claim was settled in my favour so I am owed about 500 back from Setanta for higher premium while claim was open.
Double whammy.

juliedxx

Does anybody know where we would stand basically my husband settled a personal injury claim out of court 3 weeks ag. The guy who crashed into him was insured with Setanta....crash happened in 2011 but only settled 3 weeks ago. Do you think hell get his settlement?

Iansheridan

I'm here until about 11pm tonight......... it'll be a dry good friday for Ian

Mo60

FullblownRose wrote: »

Their website says its under maltese regs and and all of the news reports ive heard said the same. apparently they applied to be reguated in ireland but there was some condition they did not want to be subject to so they went for malta instead.

As I posted before it states on their Certificate of Insurance that they are regulated by the Central Bank of Ireland. Is this now being denied by Setanta?

My broker also told me that they are regulated by the Central Bank.

The Pontiac

Also heard on the radio it's a two months minimum notice requirement by law.

Pain in the arse tbn. Seven months left on my policy with fully compo..

Henry Ford III

This could get intertesting.

It's possible if a Broker recommended Setanta he/she should have checked out their claims paying ability beforehand.

I wonder could brokers find themselves liable for the balance of premiums?

Maphisto

Builderfromhell wrote: »

Paid my premium last month to Setanta. 550 euro because of open claim. Claim was settled in my favour so I am owed about 500 back from Setanta for higher premium while claim was open.
Double whammy.

Wow that really sucks. I wish you well

FullblownRose

Henry Ford III wrote: »

This could get intertesting.

It's possible if a Broker recommended Setanta he/she should have checked out their claims paying ability beforehand.

I wonder could brokers find themselves liable for the balance of premiums?

I wondered about that!

This is bonkers! I mean...does this set some kind of precedent, what if other companies go to the wall? Quinn are gone and now Setanta are gone. For something like motor insurance there should be a level of reliability and trust..?

rocksolid

Paid my premium up front via credit card to my borker, my credit statement has my broker name on the transaction so would i not be in contract with my broker as they took my money...

Should they not be refunding me what months iv left on my policy??

Anyone any ideas?

The Pontiac

Some clarity would be in order right now.

70k drivers, and I reckon a lot don't even know they're with Setanta.

I had to check as I got insured via a broker, and never even asked the name of the underwriter. She just gave me the cheapest quote.

Builderfromhell

If Setanta took an average premium of 300 euro from each of the 70,000 motorists (210 million) and is now saying it will, likely, not be paying any money out, that's seems like a huge amount of money for doing nothing.
Why should I, legally, have to pay another insurance company about 500 euro when they can dis-appear also

oldyouth

Builderfromhell wrote: »

If Setanta took an average premium of 300 euro from each of the 70,000 motorists (210 million) and is now saying it will, likely, not be paying any money out, that's seems like a huge amount of money for doing nothing.
Why should I, legally, have to pay another insurance company about 500 euro when they can dis-appear also

Your maths are incorrect

Maphisto

NoelDoran wrote: »

Paid my premium up front via credit card to my borker, my credit statement has my broker name on the transaction so would i not be in contract with my broker as they took my money...

Should they not be refunding me what months iv left on my policy??

Anyone any ideas?

I'm wondering as well if you have some redress from your credit card company. Does the Consumer Credit Act apply here as in UK?

Builderfromhell

Well spotted ; 21 million.
Still seems like a nice earner to collect insurance premiums and then say you wont pay out.
Makes the insurance business look like a big scam:rolleyes:

oldyouth

Builderfromhell wrote: »

Well spotted ; 21 million.
Still seems like a nice earner to collect insurance premiums and then say you wont pay out.
Makes the insurance business look like a big scam:rolleyes:

I'm no apologist for Setanta but it stands to reason that if they hadn't already parted with in excess of the €21m they took in, they would still be here 'scamming' more punters

Liam McPoyle

Henry Ford III wrote: »

This could get intertesting.

It's possible if a Broker recommended Setanta he/she should have checked out their claims paying ability beforehand.

I wonder could brokers find themselves liable for the balance of premiums?

All brokers would have professional indemnity insurance anyway which is there to cover themselves however there isnt a hope it would come to that anyway.

Builderfromhell wrote: »

If Setanta took an average premium of 300 euro from each of the 70,000 motorists (210 million) and is now saying it will, likely, not be paying any money out, that's seems like a huge amount of money for doing nothing.
Why should I, legally, have to pay another insurance company about 500 euro when they can dis-appear also

Well firstly the insurer will have to pay tax on every premium taken so thats a massive chunk gone. Operating costs ie rent, wages etc takes another big chunk. Claims already paid out on takes another chunk.

Not a whole lot of the €21 million left after all that.

leitrim1

I'm not at all surprised by their collapse.

I had my van insured with them. It was an open drive policy. Last year we had an accident and it was our fault. We knew the other driver that we crashed in to. They were prepared to accept €1500 in full and final settlement through both of our solicitors. I conveyed this message in writing to my broker and on to Setanta. Word came back to stay out of it and let Setanta deal with it so we did. About 4 months later we got an e mail from the broker to say the matter had been settled for €14,000. What a bunch of idiots !

Then at renewal they tried to make it a condition that the driver who had the accident could not drive the vehicle in future because the claim was over €10,000. We protested and resent all the e mails stating that the matter could be settled for €1500 and that we would not go away quietly. Within a few hours they gave in.

Pretzill

leitrim1 wrote: »

I'm not at all surprised by their collapse.

I had my van insured with them. It was an open drive policy. Last year we had an accident and it was our fault. We knew the other driver that we crashed in to. They were prepared to accept €1500 in full and final settlement through both of our solicitors. I conveyed this message in writing to my broker and on to Setanta. Word came back to stay out of it and let Setanta deal with it so we did. About 4 months later we got an e mail from the broker to say the matter had been settled for €14,000. What a bunch of idiots !

Then at renewal they tried to make it a condition that the driver who had the accident could not drive the vehicle in future because the claim was over €10,000. We protested and resent all the e mails stating that the matter could be settled for €1500 and that we would not go away quietly. Within a few hours they gave in.

Strange that similar story here claimed full responsibility the final settlement no injuries was eye watering - But perhaps that the case with all insurance claims - I don't know - first ever claim - so had no experience of what to expect.