Setanta clients will not be able to access money from a fund set up for victims of uninsured clients, according to Irish media.

The Maltese-registered insurance company went bust earlier this year and has been put into liquidation. But there could be as much as €24 million worth of claims which might not be covered, according to the insurer’s financial reports.

The Irish government asked the Motor Insurance Bureau whether it could help out but has been told that the fund was only meant for uninsured drivers – and not ones where the insurer exists and the policies were valid.

In the meantime, claims have emerged that Setanta’s 230 brokers continued to renew policies even after the Malta Financial Services Authority directed the insurer to cease operations. The Irish Central Bank said it would wait for the outcome of an investigation by the MFSA before deciding what action to take on this claim.

A spokesman for the Irish Central Bank recently testified before the Irish Parliament, saying that when it became concerned about Setanta, in September 2013, it was informed by the MFSA that it had received monthly management accounts and solvency calculations, and that it was meeting the solvency requirements. However, in January 2014, MFSA notified the Irish Central Bank that there were indications of a shortfall in Setanta’s reserves and issued notice that operations should be terminated.

Liquidator Paul Mercieca is still painstakingly compiling a list of all the company’s liabilities and debts, as well as assets, but with claims still coming in, the process could take some time.

The Irish Central Bank spokesman said: “The process could take some time, particularly as some claims may not as yet have been submitted and also some claims may be ongoing for some considerable time.”

Setanta provided private and commercial motor insurance and had approximately 75,000 policyholders at the time of liquidation.