Setanta Insurance debacle shows regulation is not good enough – Feeley

*Setanta Insurance debacle shows regulation is not good enough – Feeley* Over 70,000 Irish insurance policy holders have had to find alternative insurance as a result of advice from the Central Bank following the closure of Setanta Insurance in Ireland. ‘I welcome the fact that the EU Commissioner for Internal Market and Services, Michel Barnier that the European Commission will investigate the closure of Setanta Insurance in Ireland. It is vital that those who paid their insurance premium in the normal manner should not now be left at a loss as a result of the liquidation.’ While based in Dublin, Setanta Insurance is licensed in Malta and regulated by the Maltese Financial Services Authority. In the aftermath of the economic and financial crisis, the EU institutions established the European Insurance and Occupational Pensions Authority to oversee the supervision of the insurance sector in Europe. ‘It is clear that despite a supposed new EU regime the regulation of this sector remains inadequate. We in this region are all too well aware to the zealous nature of some regulators but it now seems very clear that Insurance companies in this region and country are operating to a higher standard to those that they are competing against. That is fundamentally unfair. Concluding Councilor Feeley called for assurance from Government that policy holders would be at no loss and that a level playing field would be put in place for all insurance providers. ENDS