James Reilly (Dublin North, Fine Gael)

I thank the Minister for clarifying the purpose of the amendment. We do not want any provision of the Bill to confer additional profitability beyond the norm to an insurance company. What will happen to excessive profits if it transpires that an insurer has been over-compensated? Will moneys taken from the VHI in such circumstances be redistributed to the companies from whence they came or will they be allocated to the Exchequer coffers? If the latter eventuality is the case, it would be grossly unfair on the other insurance companies.

Can the profits accruing to the company in question, VHI, which is being given powers to enter other areas of activity, be used to subsidise these new activities? The Minister is shaking her head but will she guarantee that she will be able to determine what income arises and whether it has been slipped under the door into other activities such as travel insurance, life insurance, SwiftCare clinics and so forth? I understand these activities are losing money.

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