Quinn Health Insurance - Health Insurance

Regulator says he had to act swiftly Irish Times

30.03.10

CIARÁN HANCOCK and EITHNE DONNELLAN

REACTION:  FINANCIAL REGULATOR Matthew Elderfield last night defended the decision to move “swiftly” to put Quinn Insurance into provisional administration.

“Last Wednesday, we received significant news that showed that the financial position of the company was overstated by about €450 million,” he said, speaking at a press conference on the new level of reserves to be required of Ireland’s troubled banking sector.

“In light of this information, we acted swiftly and asked that the company be put into administration. We believe that is in the best interests of policyholders to do that.”

Mr Elderfield said the regulator had, for months, “been having increasingly serious concerns about the financial position of Quinn Insurance, and we’ve been pressing very hard for a capital injection into the company”.

He said he was hopeful a solution could be found for the company “going forward”.

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