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Setanta Insurance Anyone have a policy with them?

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    #92
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    mercfisher wrote: »
    Its been in the public domain that Setanta were ceasing trading according to their statement on 24th Jan 2014, this was reported by Fiona Reddan in the Irish Times on 27th of January in an article titled, "Setanta Insurance closes to new business" this information was not kept secret from the Irish Brokers ! IF YOU GOT INSURANCE FROM A BROKER AFTER 24th Jan you have legal recourse, unfortunately if you bought on line directly i dont think you can do much, you could annoy the liquidator and ask for a reckless trading case being brought and he is obliged to "look into it" but well you know how it works here in good old crooked land

    You appear to be misunderstanding a couple of aspects of this sorry business..


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    #93
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    Marian Walsh wrote: »
    21 days? My husbands policy was due for renewal of 10th March. He received his renewal terms from his broker 3 days before that. Had to do a 120 mile round trip to get the paperwork in time.

    Yep. 21 days. Id get a new broker so.


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    #94
    Grab All Association
    Registered Users Posts: 3,919 ✭✭✭Grab All Association


    Fred Swanson wrote: »
    This post has been deleted.

    A+++ Fred

    http://www.icb.ie/membership.php if they are not on the list of members they can't affect your credit rating.


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    #95
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Chris___ wrote: »
    A+++ Fred

    http://www.icb.ie/membership.php if they are not on the list of members they can't affect your credit rating.

    Actually, Close Brothers (the parent of Close Premium Finance) is an ICB member.


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    #96
    Marian Walsh
    Registered Users Posts: 144 ✭✭Marian Walsh


    I received a reply to my e-mail to Setanta querying renewals after 26th January. Here is what they said:-


    "In response to your query, on 27th January we stopped trading in relation to accepting new business policies and renewals. However at that point we had already issued renewals for policies up until 12 March 2014. A letter was sent to all our broker to pass to customers advising them of the situation. Policies could still be renewed with Setanta that were falling due for renewal up until 12 March 2014, as we had already issued these and were bound to honour that."


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    #97
    milo101
    Registered Users Posts: 64 ✭✭milo101


    Wexy86 wrote: »
    I work for another Insurer and we've known Setanta have been winding up their business for over a year and we have been placing a lot of business with ourselves so I do feel that some brokers were aware of the issues prior to last weeks announcement. I'm not sure what come back the consumer has legally but I would be putting it to my broker/agent as to when they were made aware of the Setanta winding down issue and why they continued to renew/place new business.

    I would also expect some sort of announcement from the central bank soon also to advise policy holders and claimants what their rights are.

    Overall it's a horrible situation for all those involved.


    Brokers know about the winding down, but we're advised that anything with setanta and had renewal dates with setanta before the 16th of March were business as normal. It's not making anyone life very easy, so why would brokers place with setant when not only does it double peoples insurance, also doubles the brokers work.


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    #98
    monalitto
    Registered Users Posts: 141 ✭✭monalitto


    what about premium credit? i didnt see them on that link chris?


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    #99
    sparktech
    Registered Users Posts: 16 ✭sparktech


    If the guards stop you are you insured or not ..


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    #100
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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    #101
    Fogmatic
    Registered Users Posts: 986 ✭✭✭Fogmatic


    You are as far as the guards are concerned, that is - just not with a policy it would be any use trying to claim from.
    (That's not 'insurance' as I understand it!).


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    #102
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,280 Mod ✭✭✭✭Jim2007


    sparktech wrote: »
    If the guards stop you are you insured or not ..

    You are insured, but the problem is that the insurance company would be unable to meet any claims against you, so you would end being held liable for it. And if the claim was high enough (think loss of income or incapacity) it could bankrupt you!

    The main point of having the insurance is to protect against a major financial loss, keeping the guards happy is a secondary concern.


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    #103
    Grab All Association
    Registered Users Posts: 3,919 ✭✭✭Grab All Association


    Jim2007 wrote: »
    You are insured, but the problem is that the insurance company would be unable to meet any claims against you, so you would end being held liable for it. And if the claim was high enough (think loss of income or incapacity) it could bankrupt you!

    The main point of having the insurance is to protect against a major financial loss, keeping the guards happy is a secondary concern.

    http://www.centralbank.ie/regulation/industry-sectors/insurance-companies/non-life-insurance-companies/Documents/Insurance%20Compensation%20Fund%20Explanation%20Note.pdf


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    #104
    rocksolid
    Registered Users Posts: 450 ✭✭rocksolid


    Guys just to let you all know that i got back my pro-rata amount back via a mastercard charge-back this morning, it was credited back on my credit card so i would advise anyone who paid a full years premium up front via credit card to contact their card card company straight away.


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    #105
    hillbloom
    Registered Users Posts: 852 ✭✭✭hillbloom


    A friend of mine had his Insurance with Setanta THROUGH A BROKER & when all this happened he got new insurance himself without going through any broker. Today he received a letter from the new company saying unless he has his NO CLAIMS BONUS document to them within 7 days they are returning his payment & the problem is he rang the broker umpteen times & cant get the document out of them. The excuses are they are very busy etc (stupid excuses) but I think they just not giving it as he didnt bother getting the Insurance from them. He is at their mercy!! How will he get the Document! Anyone able to help!!


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    #106
    Redsquigy
    Registered Users Posts: 176 ✭✭Redsquigy


    Could your friend call in to the Broker's office and demand his No Claims Bonsu Certificate?


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    #107
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    hillbloom wrote: »
    A friend of mine had his Insurance with Setanta THROUGH A BROKER & when all this happened he got new insurance himself without going through any broker. Today he received a letter from the new company saying unless he has his NO CLAIMS BONUS document to them within 7 days they are returning his payment & the problem is he rang the broker umpteen times & cant get the document out of them. The excuses are they are very busy etc (stupid excuses) but I think they just not giving it as he didnt bother getting the Insurance from them. He is at their mercy!! How will he get the Document! Anyone able to help!!

    Setanta have only issued bonuses to brokers in the last two days. And that was only for policies that were cancelled. If your friends broker didnt cancel his policy and was waiting for the registered letter from Setanta to go your friend then the NCB wouldnt be available.


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