“a significant shift in the position of the Quinn Group.”

The Irish Financial Regulator defended his action against the Insurance arm of the Quinn Group before the Oireachtas Joint Committee on Economic Regulatory Affairs yesterday, as an Irish Times report notes

Mr Elderfield said he remained “open to dialogue” to address the solvency deficit at Quinn Insurance. Two other insurers had recently breached the 150 per cent solvency rule on how much firms must hold in reserve to protect policyholders, he said, and they increased reserves “within days”. Another two insurers breached solvency rules by a greater amount and were placed in administration. Mr Elderfield said this showed the regulator’s approach at Quinn was “completely consistent”. Senator Diarmuid Wilson, for Cavan-Monaghan, criticised Mr Elderfield’s actions, saying he had been “heavy-handed” and “acted with haste” against Quinn. Mr Elderfield rejected this, saying Quinn had persistently broken “long-standing” solvency rules.

Today, RTÉ reports that the Quinn Group are to withdraw their objection to the permanent appointment of administrators to Quinn Insurance. See also BBC report. Update The High Court has appointed permanent administrators to Quinn Insurance. From the updated RTÉ report

In a statement, Jim Quigley, Chairman of Quinn Insurace Ltd, said:’This decision has been taken after very careful consideration. ‘We have concluded that, given what has happened, it is in the best interests of the Company, our employees and policyholders that, as a matter of urgency, we work closely with the Administrators and the Financial Regulator to get the situation resolved as quickly as possible.’


Discover more from Slugger O'Toole

Subscribe to get the latest posts to your email.

Categories Uncategorised

We are reader supported. Donate to keep Slugger lit!

For over 20 years, Slugger has been an independent place for debate and new ideas. We have published over 40,000 posts and over one and a half million comments on the site. Each month we have over 70,000 readers. All this we have accomplished with only volunteers we have never had any paid staff.

Slugger does not receive any funding, and we respect our readers, so we will never run intrusive ads or sponsored posts. Instead, we are reader-supported. Help us keep Slugger independent by becoming a friend of Slugger. While we run a tight ship and no one gets paid to write, we need money to help us cover our costs.

If you like what we do, we are asking you to consider giving a monthly donation of any amount, or you can give a one-off donation. Any amount is appreciated.