Jan O'Sullivan (Limerick East, Labour)

I am very concerned for the policy holders and employees. Why is it only now that the Financial Regulator has intervened? Any insurer would have to answer the question of whether it has the appropriate solvency cushion and is not compromised by guarantees to other subsidiaries. That insolvency and contingency cushion is vital in health insurance companies, which is the area I know best. Can the Minister explain how this was overlooked until now? Given the strict regulation under which the health insurance market supposedly operates, it is extraordinary that this issue did not come to light earlier.

In regard to the group's health insurance activities, the Minister informed us that the excess of liabilities over assets now stands at over €200 million. Every hospital that provides a service for a patient who is insured by Quinn Insurance must be concerned about the potential credit risk. Can we expect that hospitals will seek upfront payment from the company?

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