**Setanta Insurance**

fleetman

This article is incorrect see notice from central bank below. I think this info was taken from the releases back in Jan when they stopped quoting

Setanta Insurance Limited (Setanta) is a Maltese incorporated company subject to prudential supervision in Malta by the Maltese Financial Services Authority (MFSA). Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard.

The Central Bank of Ireland was notified by the MFSA on 16 April that the shareholders of Setanta have resolved to wind up the company. This is a process that will take place in Malta overseen by the MFSA.

The Central Bank will require Setanta to write to all policyholders to advise them of the situation and its implications for them.

Setanta is not in a position to confirm that claims will be met in full since any and all claims will be subject to the relevant liquidation process. Policyholders should therefore make arrangements for alternative cover without delay.

Ogham

fleetman wrote: »

This article is incorrect see notice from central bank below. I think this info was taken from the releases back in Jan when they stopped quoting

What bit is incorrect?

Builderfromhell

Any more news on the Setanta car insurance situation. I have not heard anything

Ogham

Builderfromhell wrote: »

Any more news on the Setanta car insurance situation. I have not heard anything

You are still legally insured - but any claims made are not guaranteed to be paid.

There is a Central Bank fund which can be called on to pay upto 65% of a claim in the event of a company becoming insolvent. Can't really rely on this though or you could be out of pocket.

http://www.moneyguideireland.com/what-happens-if-you-are-affected-by-setanta-insurance-collapse.html

Probably best to start looking for new cover fairly soon and put in a request for refund of any premiums alrerady paid to Setanta .

fleetman

What bit is incorrect?

the money guide article quotes don't seem correct when compared to the statements from setanta and central bank.

Builderfromhell

Ogham wrote: »

You are still legally insured - but any claims made are not guaranteed to be paid.

There is a Central Bank fund which can be called on to pay upto 65% of a claim in the event of a company becoming insolvent. Can't really rely on this though or you could be out of pocket.

http://www.moneyguideireland.com/what-happens-if-you-are-affected-by-setanta-insurance-collapse.html

Probably best to start looking for new cover fairly soon and put in a request for refund of any premiums alrerady paid to Setanta .

Thanks for this Ogham. I paid for my car insurance in feb. with a credit card over the phone with my broker. It seems I may be eligible for cashback.

oldyouth

Builderfromhell wrote: »

Thanks for this Ogham. I paid for my car insurance in feb. with a credit card over the phone with my broker. It seems I may be eligible for cashback.

Mmm! not trying to complicate things and I don't know the answer to this one. Are you entitled for a rebate from your credit card company if you paid your broker rather than your insurer? Your broker hasn't gone bust and I presume they passed on the premium to to your insurer on their monthly account

Builderfromhell

oldyouth wrote: »

Mmm! not trying to complicate things and I don't know the answer to this one. Are you entitled for a rebate from your credit card company if you paid your broker rather than your insurer? Your broker hasn't gone bust and I presume they passed on the premium to to your insurer on their monthly account

That did occur to me. In which case there could be legal complications. I would imagine ringing my broker will still be difficult as they must be inundated with phone queries.

oldyouth

It's a big mess all round and I don't think anyone knows the definitive situation or I'm sure the Regulator would have published something by now

lighterman

As the title says i'm with setanta through a broker so i was wondering as setanta have finished up are the brokers obliged to continue on the rest of the policy free of charge to myself.

They rang me last week and said they would put me on a temporary policy for the long weekend and would ring me this week to sort out a new annual policy.

I was told that the broker have to honour the policy as technically i took out the policy with the broker therefore its there responsibility.

I haven't a clue when it comes to these things so i'm hoping for some advice here.I have 6 months left on the policy.

oldyouth

You took out your insurance policy with an insurer, with the assistance of a broker that you engaged to conduct the transaction on your behalf. Your contract is with your insurer and the broker does not have to provide you with additional free cover

fleetman

lighterman, at this point it is probably best to assume that you are no longer covered.

The statement from the Central Bank says: Setanta is not in a position to confirm that claims will be met in full since any and all claims will be subject to the relevant liquidation process. Policyholders should therefore make arrangements for alternative cover without delay.

As old youth said,

oldyouth wrote: »

Your contract is with your insurer and the broker does not have to provide you with additional free cover

As your contract is with a company that has gone into liquidation your contract can now be seen as null and void, and as such it would be best to heed the advice of the Central Bank and seek alternative cover as soon as possible.

Bio Mech

lighterman wrote: »

I was told that the broker have to honour the policy as technically i took out the policy with the broker therefore its there responsibility.

Sounds like dangerous pub talk if ever I heard it!

lighterman

Bio Mech wrote: »

Sounds like dangerous pub talk if ever I heard it!

No not pub talk.Just someone trying to be helpful.

they did say they thought it was the case and i should look in to it.

I didn't state this as thats not the issue.

mercfisher

Try insuremyvan, I was with Setanta and got a quote from insuremyvan.ie, they are €100 cheaper than Setanta and ARE regulated by the Central bank of Ireland, dont know how Irish Brokers were able to use a Maltese Company that ONLY sold Insurance in Ireland and was not regulated here,Im not in the insurance game by the way just a punter caught in the shambles

CoDy1

mercfisher wrote: »

Try insuremyvan, I was with Setanta and got a quote from insuremyvan.ie, they are €100 cheaper than Setanta and ARE regulated by the Central bank of Ireland, dont know how Irish Brokers were able to use a Maltese Company that ONLY sold Insurance in Ireland and was not regulated here,Im not in the insurance game by the way just a punter caught in the shambles

Insuremyvan are a broker. What insurance company did the place you with?

The Pontiac

Are the "guilty" brokers offering special deals on renewed polices?

I'd automatically assume they're waiving their brokers fee and offering a 30% discount on the premium here?

I had 7 months left on my policy. Still waiting to hear back from my broker. My temporary cover from Liberty is up tomorrow, and they promised they would ring before then. Still haven't received (as promised) the cancellation notice from Setanta/Broker. Absolute farcical. I'll be giving them an ear full tomorrow, demanding a significant discount. We're just too easy in this country.

We bailed-out thousands of UK Quinn policy holders with the 2% levy. Where's the Maltese levy? Did that clown of a shop steward (foreign affairs minister Gilmore) even make a phone call? The most unconvincing socialist politician in the whole of Europe. A political opportunist if there ever was one.

Pretzill

The Pontiac wrote: »

Are the "guilty" brokers offering special deals on renewed polices?

I'd automatically assume they're waiving their brokers fee and offering a 30% discount on the premium here?

I had 7 months left on my policy. Still waiting to hear back from my broker. My temporary cover from Liberty is up tomorrow, and they promised they would ring before then. Still haven't received (as promised) the cancellation notice from Setanta/Broker. Absolute farcical. I'll be giving them an ear full tomorrow, demanding a significant discount. We're just too easy in this country.

We bailed-out thousands of UK Quinn policy holders with the 2% levy. Where's the Maltese levy? Did that clown of a shop steward (foreign affairs minister Gilmore) even make a phone call? The most unconvincing socialist politician in the whole of Europe. A political opportunist if there ever was one.

Same position here Pontiac insured until tomorrow with Liberty 8 months left on policy. Will be interesting to hear what the broker has come up with - wonder if it's possible to get a discounted quote for remainder of term -

The Pontiac

Pretzill wrote: »

Same position here Pontiac insured until tomorrow with Liberty 8 months left on policy. Will be interesting to hear what the broker has come up with - wonder if it's possible to get a discounted quote for remainder of term -

But we probably have to take out a new twelve month policy, but not sure? I would have thought a new underwriter wouldn't be interested in an eight month policy?

I'll be demanding a huge discount regardless. If everyone kicked up a fuss, then it wouldn't be long until some sort of 'deal' was put in place.

Enough is enough!

rocksolid

same as that guys, temp cover up tomorrow as well, was promised a phone call but nothing yet - then again i was promised a phone call before last friday as well and i had to go chasing them and then had the cheeck to quote me €415 for a new 12 policy with Alliance even though im loosing out on 8 months on my current one.......

Im not budging on this, was told they will know more when the liquidation process is finalised as a liquidator was only appointed thursday/friday last week, said there might be a slim hope of getting our pro rata amount back....Was talking to my credit card company and they said that they would see what they could do for me, just needed a letter from my broker stating Setantas position of not being able to fulfill policys. All sent away now so we'll see what they can do.....

Liam McPoyle

Lads this idea that ye can demand massive discounts from the broker and actually get them, ye havnt a hope tbh.

The broker will quote you and that will be the prices, take it or leave it.

To think you are any different from the other 75,000 Setanta customers is either naive or foolish, either way, if you are expecting big discounts then prepare for a let down.

Cleveland Hot Pocket

To be fair, the policies are technically still valid - so I would treat it as any third party only policy and keep driving.
If I paid my policy for 12 months, ain't a hope in hell i'm paying again a few months later!

Iansheridan

Lads, all I can advise is to get yourselves covered ASAP

No Pants

Cleveland Hot Pocket wrote: »

To be fair, the policies are technically still valid - so I would treat it as any third party only policy and keep driving.

That's a good point.

sean86

got insured with sherdains wexford yesterday for 280 with patrona.had six month left.

Liam McPoyle

^^

Be wary of companies like Patrona.

They have only cropped up in the last short while, their target market is the same as Setanta's was so the reality is that it could end up in the same way as Setanta did.

Dont get blinded by a cheaper price, at the end of the day, the insurance is only as good as the company underwriting it so as someone with alot of industry experience Id advise going with a recognised company such as Aviva, Zurich or FBD.

Yes, you will probably pay a little bit more but for piece of mind, its worth every penny.

broke1234

Im also wit Sheridans in wexford but dey insured me wit fbd another 460 to renew and was fully paid till middle of Sept but never heard of patrona before!!!

Iansheridan

Has everybody got themselves sorted??

Pretzill

Iansheridan wrote: »

Has everybody got themselves sorted??

Yeah reluctantly! Had to leave the broker their quotes were too high - ended up getting an okay quote with Zurich - although there's nothing okay about having to find money twice in one year!

Cleveland Hot Pocket

Pretzill wrote: »

Yeah reluctantly! Had to leave the broker their quotes were too high - ended up getting an okay quote with Zurich - although there's nothing okay about having to find money twice in one year!

I would not have done this, you paid for insurance and you were insured (TP only) till your policy expired.