Mary Harney (Dublin Mid West, Progressive Democrats)

The issue cannot be addressed. A company regulated in the United Kingdom where I understand the solvency requirement is 25% or any other European country can do business here. As it happens, all the main competitors in the Irish health insurance market are regulated here and meet the 40% solvency requirement. I understand one of the companies in question had to meet a 50% requirement when it was first authorised. A company regulated outside Ireland would have a significant advantage over a company regulated here. Each company has the capacity to be regulated in its home state, which is clearly unfair.

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