Brendan Smith (Cavan-Monaghan, Fianna Fail)

I thank Deputy Flanagan for outlining those issues. The two points of his contribution will be answered in that the position as provided for, under the provisions of the Bill, is that the VHI would be obliged to attain authorisation at the earliest opportunity. Until authorisation is achieved it is not to be given any additional powers. I hope that assurance will assure Deputy Flanagan on the two important issues he raised.

The other matter of relevance is that the Financial Regulator has granted the VHI a licence to act as agent. That application was processed independently by the regulator. It is a matter, as all of us in the House are aware, for the regulator as to what products may be bundled by companies it has authorised. The VHI is an authorised agent in respect of its travel insurance product. It is a matter for the Financial Regulator to determine whether the VHI is complying with its requirements.

The Minister wrote to the VHI concerning its travel insurance product and has been assured that its practices are acceptable to the regulator. Related meetings have taken place between the regulator and the VHI. I hope those assurances will assure Deputy Flanagan that the issues he has raised are being adequately dealt with.

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