I have been concerned about the implications for Irish policyholders affected by the liquidation of Independent Insurance Company Limited, IICL, a UK authorised insurer, since June last. Since IICL was a UK authorised insurer, responsibility for the financial supervision of the company's operations in the European economic area lies with the UK authorities.
Individuals who, while in the employment of a company whose cover was with IICL, suffered injury through an accident at work, would have a claim against that company and in normal circumstances, that claim would be paid by IICL. Given the situation that now exists, insurance claims against businesses, whose cover was with IICL, will be dealt with in accordance with the laws of the "home" member state – in this case, the UK. UK insolvency law treats all policyholders as unsecured creditors. The extent to which the liquidators will be able to meet claims from creditors of IICL, including business policyholders, is not yet fully clear. We are constantly monitoring this situation.