James Reilly (Dublin North, Fine Gael)

The amendments have been grouped which truncates the debate. If I am restricted, I will insist on discussing amendments individually which is not in anyone's interest.

If the VHI was unable to meet the 40% solvency requirement when it was making significant profits and enjoyed a massive share of the market, it begs the question as to whether it will ever meet the requirement without additional help from the State. None of the Opposition parties, in particular the Fine Gael Party, has a problem supporting the principle of community rating. However, my party has problems with the manner in which the matter has been addressed.

On insurers, will the provisions of the solvency II directive supersede the powers of the Financial Regulator? While that would be positive news in this case, it may not be so positive in other cases. What is to prevent Hibernian Avivas Health, a large international company, from deciding to be regulated in the North? The same applies to BUPA, now known as Quinn Healthcare. Can these companies decide to be regulated in another country?

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