Insurance Ireland welcomes the announcement that the Danish regulated insurer, Qudos Insurance A/S, has been declared bankrupt. Due to a legislative change in Denmark, had this not happened until after 1 January, the liability for the outstanding claims in Ireland may have had to be covered by the Irish Insurance Compensation Fund (ICF). Thankfully, the cost of these claims will now be covered by the Danish Guarantee Fund. The priority now is ensuring that Irish policyholders with outstanding claims are given clarity on how and when their claims will be settled by the Danish Guarantee Fund.
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