John Moloney (Laois-Offaly, Fianna Fail)

There is a bit of a difference. Sitting over there on the Opposition benches, it is a quick fix. Over here on the Government side, it is an interim measure. It was well thought out by the people to whom we referred in previous amendments, such as expert advisers and son on. Section 26 provides for the application of the levy on the health insurance companies. It has been amended since publication to address issues raised by the industry. It is worth noting that the levy now applies only to contracts renewed or entered into after 2009.

I am not aware of the issues raised by Senators Feeney and Prendergast, but they are obviously very important and we will check them out immediately. Under the Bill, the VHI will be only partly compensated for the additional cost it faces as it has more older members. That point was often made in the committee rooms when representatives of the VHI and BUPA were also before them. This ensures the company will continue to focus on controlling costs.

I do not think we can lean on the Financial Regulator who is independent and must make an independent assessment. The Senator spoke about the 40% reserve but we must allow the Financial Regulator to make that assessment independently rather than pressurising the regulator.