Mary Harney (Dublin Mid West, Progressive Democrats)

When the VHI obtained a derogation from the European Union at the time of the opening up of the market, it did not have to meet the solvency requirements of its competitors. I am not certain whether the Competition Authority has ever been asked for an opinion on this. My view is that the situation certainly does not represent fair competition. We do not need the Competition Authority to tell us that. For example, a company regulated in Northern Ireland or outside Ireland, whether in the United Kingdom or continental Europe, may sell health insurance products here but is subject to much less strict requirements than those imposed on companies regulated in this country. This is grossly unfair and it is the reason I seek to end the inequity and unfairness of the current system as quickly as possible. We cannot achieve this objective without the provisions of the Bill given the age profile of VHI members and the capital injection required.

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