The Central Bank is advising customers of Setanta Insurance Limited to arrange alternative cover 'without delay'. A statement on the company website says shareholders decided to wind up the company, which has an estimated 75,000 policyholders in Ireland.

The decision was made at Extraordinary General Meeting of its members held yesterday.

It is understood most of their business in Ireland relates to fleet insurance.

The company is incorporated in Malta and is not supervised by the Central Bank of Ireland. But authorities here say they will require Setanta to write to customers to advise them of the situation, and its implications for them.

The firm stopped taking on new policies in January

The Central Bank is warning any claims will be subject to the liquidation process, so the company is not in a position to confirm that claims will be met in full.

Setanta Insurance says "Policyholders will be given cancellation notification as applicable in accordance with the Central Bank of Ireland's Consumer Protection Code 2012 during which period cover will remain in force".

"The Company is however not in a position to confirm that claims in this interim period will be met in full since any and all claims will be subject to the relevant liquidation process".

Setanta Insurance was established in 2007 and says its offices in Dublin will remain open to handle "all existing and any future claims arising from time on risk and also assist with any queries".

Personal Finance Editor with the Irish Independent, Charlie Weston, told Newstalk Lunchtime those who have policies with Setanta should look for a new insurer.