Irish based insurance company Quinn Insurance Ltd. awaits a regulatory decision regarding the groups future.

 

It has been reported that chief of regulation, Matthew Elderfield described Quinn Insurance as having significantly breachedits long-term obligations to customers and businesses. His comments, made to the High Court in Dublin refer to the companys 200m euro deficit.

 

Part of the Quinn Group, the sector offers a range of healthcare, health insurance, business and motor policies . Elderfield suggested one eventuality being a proposed levy on all insurance premiums to combat the business troubles. However, Irish Finance Minister, Brian Lenihan reportedly commented that not all customers would be affected by the levy tax .

 

Raised in Irish Parliament, questions regarding Quinn Insurances debts were answered by ministers claiming that despite potentially owing 200m euro it was still capable of paying.

 

The uncertainty of the company remains a fear for some, following Mr. Elderfields comment highlighting the possibility of the sale of Quinn Insurance Ltd. In the event of sale or administration, English and Welsh policyholders are covered by the Solicitors Regulatory Authority who is bound to replace such coverage within the month.

 

Director of general services at the Irish Brokers Association in Dublin, Brian McNeils; apparently commented that for Ireland, there is no remaining fund for commercial claims once a company has been liquidated. However a spokeswoman for the United Kingdoms Financial Services Compensation Scheme maintained that protection for small businesses remained; though holders of larger commercial policies rely more on the specific situation.