Unbelievable - Quinn insurance bailout levy

godtabh

Link

Consumers will be hit with a levy on their car and house insurance to make up for a shortfall of €620m from the collapse of Quinn Insurance, the Irish Independent has learnt.

Anglo Irish Bank and US insurance giant Liberty Mutual have agreed to buy the beleaguered insurance company, but are not willing to take on all the losses on its books.

The Government will now have to make up this shortfall and will do so by imposing a levy -- expected to be between 1pc and 2pc -- on every single non-life insurance customer in the country.

That is sure to spark anger among consumers who are already reeling under a swathe of taxes and levies.

The money from the levy will go into what is known as the Insurance Compensation Fund. The fund is to make sure customers of all insurance companies get paid, even if their own particular insurer gets into financial difficulty.

This fund was used twice in the 1980s when AIB's insurance arm, ICI, got into trouble and two years earlier, in 1983, when insurer PMPA collapsed -- a move that infuriated insurance customers.

The Irish Independent has learnt the true cost of the collapse of Quinn insurance now stands at €620m. Administrators to Quinn Insurance are finalising an application asking the Government to pay for this shortfall.

Sources last night said customers could be paying for the Quinn collapse for several years because the shortfall is so large.

The application from the administrators, Grant Thornton, will be made shortly to Finance Minister Michael Noonan. He is likely grant it despite an expected public outcry.

The High Court and Central Bank will also be informed and asked for approval.

The administrators declined to comment on the figures last night.

Under legislation set up in the 1980s to deal with failing companies, the Finance Minister of the day is allowed impose a levy so the Insurance Compensation Fund has enough resources to deal with whatever insurance claims it is facing.

The minister can impose the levy on the whole insurance industry. The industry then passes it on to the customers. But the minister can only deduct 2pc of the companies' profits each year. This means it could take a few years to fully deal with the problems left behind by Quinn Insurance.

The Irish Independent has also learnt that Quinn Insurance will shortly publish its 2010 results, showing yet another year of losses.

While the administrators have stabilised the business, it is expected to report losses of €120m. Its balance sheet is in an even worse condition.

The Quinn Insurance company itself will be run now by Liberty, with Anglo taking its place in the background. It is not clear what products and prices Liberty will be offering, but due to its large scale, the US company is expected to be competitive.

Quinn Insurance's problems began in 2010 after Financial Regulator Matthew Elderfield became concerned about the financial health of the firm.

Mr Elderfield said the firm breached crucial financial ratios and its subsidiaries had entered a series of guarantees for debts held at the Quinn Group, a cements and plastics business.

Since then the regulator has been investigating these issues. However, there has so far been no update on this probe.

This time last year, former Finance Minister Brian Lenihan insisted a second levy would not affect all health insurance customers if Quinn suffered the same fate at ICI.

"There is no call on the need for a levy at this stage," he said at the time. "When the administrator has conducted a review of the company he will be in a better position to know how to proceed."

- Emmet Oliver Deputy Business Editor

Irish Independent

Are they trying to kill us off?

Yet again we are forced to pay for some one else's debt. Its just not right

Liam Byrne

Have we even paid off FF's PMPA levy yet ?

It's beyond a joke that we are being forced to take on even more of other people's debts.

fifth

Don't understand why they're asking the Govt. (us) to pay for this? Is it because it's now going to be part of Anglo? (Which we own also.)

Furious.

robryan

Every day there is a New story of more debt this country (us) are taking on.. Should we be surprised anymore

dan_d

Ah here, come on. This is ridiculous. Why are we paying for an insurance company's gambles? Banks are one thing, but insurance companies...they're not exactly intrinsic to the economy, they could be let go bust.

This is making me angry (er).:mad::mad:

The fcuk? A US company is buying it and doesn't want the losses? If you don't want the losses then don't buy it in the first place - what fools they must think our govt are for agreeing to this?? Or "preparing to agree" to it- sorry. Reject the application and leave it at that.

Tora Bora

[Embedded Image Removed]

fifth

bluewolf wrote: »

The fcuk? A US company is buying it and doesn't want the losses? If you don't want the losses then don't buy it in the first place - what fools they must think our govt are for agreeing to this?? Or "preparing to agree" to it- sorry. Reject the application and leave it at that.

While I understand that customers should be insured and the companies should be able to pay out...but isn't this is why they're paying insurance premiums in the first place?

There seems to be a serious lack of appreciation for risk/reward/loss in this country. Ireland must be a great place to invest or buy up other companies because nobody loses, except the ordinary people paying tax after tax after levy.

Come on over to Ireland and buy a failing company, have your losses guaranteed by the Irish people, it's a win-win situation.

Qualitymark

Sean Quinn gambles on Anglo shares and loses his shirt, the citizens are made responsible for a stupendous loan to finance Anglo, Anglo thinks of buying Quinn's company, the citizens are taxed to pay for Quinn's gambling debts so Anglo will buy the company.

Can't decide if I'm living in Alice's Adventures in the Looking-Glass, 1984, or Monty Python. Storm the Reality Towers! Retake the universe!

ei.sdraob

Maybe more people would now realise what a disaster the wholesale socialisation of losses and now "collectivization" of blame and responsibility are.

All it takes is a direct hit on the pocket, all they have to do is make the hit indirect and not many would notice they are being screwed.

Nody

bluewolf wrote: »

The fcuk? A US company is buying it and doesn't want the losses? If you don't want the losses then don't buy it in the first place - what fools they must think our govt are for agreeing to this?? Or "preparing to agree" to it- sorry. Reject the application and leave it at that.

But is that not the point? No one wanted to (could?) run Quinn in it's current state and the only offer on the table was to give it a clean start or shut it down. State opted for clean start rather then shutting it down with the follow up layoffs it would include.

Don't mean I agree but the all offers for Quinn's business were having a clause regarding potential future losses due to their inproper trading before; hence this was not suddenly new information on the table for the deal.

population

Nody wrote: »

But is that not the point? No one wanted to (could?) run Quinn in it's current state and the only offer on the table was to give it a clean start or shut it down. State opted for clean start rather then shutting it down with the follow up layoffs it would include.

Don't mean I agree but the all offers for Quinn's business were having a clause regarding potential future losses due to their inproper trading before; hence this was not suddenly new information on the table for the deal.

I am sorry for anyone who could potentially lose their job, but the business failed. It should be let go. It is also incredible that another failed business with such an incestuous relationship with Quinn Insurance is the one pulling all the strings in this deal.

DoesNotCompute

F***cking outrageous. Not only must we bailout greedy bankers, now we must bail out some private business, whose managers were to incompetent to run it properly.

This calls for a Hitler rant video.

sollar

population wrote: »

It is also incredible that another failed business with such an incestuous relationship with Quinn Insurance is the one pulling all the strings in this deal.

Thats true, and let people not be fooled by the change of name. The septic anglo hellhole has not gone away... its debts and arrogant ways are still with us.

ei.sdraob

I am waiting for someone to post that Quinn is "systemic" to the Irish economy! that argument worked wonders for Anglo sure :rolleyes:

later12

This is a ridiculously unacceptable situation. For anyone who thinks this won't apply to them, just to clarify, this is being advanced as a tax on all insurance premiums, including mobile phone insurance, laptop insurance, your insurance with any of the other home and car insurance companies in Ireland, whatever.

In the case of PMPA, who had a similar levy applied to the Irish insurance customer in the 1980s, this went on for 10 years.

Raskolnikov

population wrote: »

I am sorry for anyone who could potentially lose their job, but the business failed. It should be let go. It is also incredible that another failed business with such an incestuous relationship with Quinn Insurance is the one pulling all the strings in this deal.

ei.sdraob wrote: »

I am waiting for someone to post that Quinn is "systemic" to the Irish economy! that argument worked wonders for Anglo sure :rolleyes:

Quinn Insurance is systematic to the Irish economy. According to their website, they have over 700,000 customers. If Quinn Insurance was allowed to fail, then 700,000 people could have their health and motor insurance invalidated, despite the fact many would have already paid a years worth of premiums in advance.

Nody

Nody wrote: »

But is that not the point? No one wanted to (could?) run Quinn in it's current state and the only offer on the table was to give it a clean start or shut it down. State opted for clean start rather then shutting it down with the follow up layoffs it would include.

Don't mean I agree but the all offers for Quinn's business were having a clause regarding potential future losses due to their inproper trading before; hence this was not suddenly new information on the table for the deal.

Nody I would be sorry to see anybody lose their jobs, but businesses fail and people lose their jobs all the time without the rest of us paying extra levies to support them and their businesses.
It was a private business, it failed, they can request a clause all they like but it should absolutely be denied or we are going to be setting a very dangerous precedent!

godtabh

Raskolnikov wrote: »

Quinn Insurance is systematic to the Irish economy. According to their website, they have over 700,000 customers. If Quinn Insurance was allowed to fail, then 700,000 people could have their health and motor insurance invalidated, despite the fact many would have already paid a years worth of premiums in advance.

Isnt there a pot of money to claim against that if an insurance company fails there is money to cover any potential claims?

In this case we are just been asked to cover quinns debts

Nody

bluewolf wrote: »

Nody I would be sorry to see anybody lose their jobs, but businesses fail and people lose their jobs all the time without the rest of us paying extra levies to support them and their businesses.
It was a private business, it failed, they can request a clause all they like but it should absolutely be denied or we are going to be setting a very dangerous precedent!

Sorry but I think you're all missing a key point here; if the business would fail all the liabilities (the 620MM discussed + what ever else that is taken over) would still need to be covered by the insurance slush fund. That money would need to be paid either way and the levy would be charged as per OP.

OP article wrote:

The money from the levy will go into what is known as the Insurance Compensation Fund. The fund is to make sure customers of all insurance companies get paid, even if their own particular insurer gets into financial difficulty.

The only discussion left was how much of the losses would be fostered on to the new owners of the business or if it was to be left to shut down. If you want to avoid that in the future rather talk about how to remove such a fund (and the guaranties it has tied to it) rather then about Quinn...

Oh and I got no connection to Quinn as a reference before someone brings that up.

later12

Raskolnikov wrote: »

Quinn Insurance is systematic to the Irish economy. According to their website, they have over 700,000 customers.

Having 700,000 customers does not make one systemic. A company is of systemic importance if its closure would have a dangerous effect on the local or domestic economy, or its industry.

If one million people are eating Mars bars, and the Mars factory closes, it doesn't make Mars 'systemic'.

I'm not convinced that the case is hugely different for Anglo. The systemic question is not the reason why this levy will be accepted - the levy will be accepted because we wish to save Quinn and recover money for Anglo.

Raskolnikov

godtabh wrote: »

Isnt there a pot of money to claim against that if an insurance company fails there is money to cover any potential claims?

In this case we are just been asked to cover quinns debts

Yes there is such a pot of money. The problem is that the pot of money is short €640 million. But yea, you're pretty much correct; the taxpayer is cleaning up the mess that Sean Quinn created.

later12

godtabh wrote: »

Isnt there a pot of money to claim against that if an insurance company fails there is money to cover any potential claims?

Yes, the insurance companies have provided that by contributing 2% of their revenues, they will now apply that charge to their customers.

ei.sdraob

Raskolnikov wrote: »

Quinn Insurance is systematic to the Irish economy. According to their website, they have over 700,000 customers. If Quinn Insurance was allowed to fail, then 700,000 people could have their health and motor insurance invalidated, despite the fact many would have already paid a years worth of premiums in advance.

Capitalism for ya, badly run companies fail
shareholders, bondholders, customers loose out.


spreading the losses around only ensures that productive companies/people are taxed more and destroys moral hazard leading to more risk taking (sure theres no downside!) leading to more ****.

Raskolnikov

later10 wrote: »

Having 700,000 customers does not make one systemic. A company is of systemic importance if its closure would have a dangerous effect on the local or domestic economy, or its industry.

If one million people are eating Mars bars, and the Mars factory closes, it doesn't make Mars 'systemic'.

I'm not convinced that the case is hugely different for Anglo. The systemic question is not the reason why this levy will be accepted - the levy will be accepted because we wish to save Quinn and recover money for Anglo.

700,000 people who might not have access to health care, or driving around uninsured is pretty systematic to me considering our population.

later12

Raskolnikov wrote: »

700,000 people who might not have access to health care, or driving around uninsured is pretty systematic to me considering our population.

Well then you're not using the word systemic in its economic context. I'm not quite convinced that the closure would be very dramatic, what would likely happen is that the contracts would be taken by other providers. New customers? There is no problem with that.

Raskolnikov

ei.sdraob wrote: »

spreading the losses around only ensures that productive companies/people are taxed more and destroys moral hazard leading to more risk taking (sure theres no downside!) leading to more ****.

The problem is why should the ordinary person on the street suffer; they have paid their premiums, they've done nothing wrong. The big issue here is that the regulator and Central Bank stood by and allowed the Quinn Group to get itself into this mess. They learned nothing from the mess that ICI and PMPA created years ago and from what we have seen so far, nothing has been done to ensure that this can never happen again.

Raskolnikov

Raskolnikov wrote: »

The problem is why should the ordinary person on the street suffer;

That's kind of the point of the thread :pac:
The "ordinary person" is going to suffer either way - from an ongoing levy or a once off loss of premiums.

Cookie_Monster

later10 wrote: »

Yes, the insurance companies have provided that by contributing 2% of their revenues, they will now apply that charge to their customers.

There is already such a 2% charge on all motor policies that goes into MIBI.
so it'll be 4% now then?

Raskolnikov

later10 wrote: »

Well then you're not using the word systemic in its economic context. I'm not quite convinced that the closure would be very dramatic, what would likely happen is that the contracts would be taken by other providers. New customers? There is no problem with that.

Insurance (particularly at the commercial side) is really, really expensive. A lot of folks who have stumped up for their premiums simply would not be in a position to pay to take out a new policy.

Another thing you're forgetting is that the Quinn Group have taken out €1.2 billion in borrowings to fund the running of the overall group. If creditors are forced into taking write-downs, that could have all sorts of unforeseen consequences to the overall economy.

population

Nody wrote: »

Sorry but I think you're all missing a key point here; if the business would fail all the liabilities (the 620MM discussed + what ever else that is taken over) would still need to be covered by the insurance slush fund. That money would need to be paid either way and the levy would be charged as per OP.

But it would be coming out of the insurance slush fund which is rainy day money as it were, and as we can plainly see it is raining. Why not set up a seperate insurance company to deal with the aforementioned 700000 customers with the money? Why does Quinn Insurance have to be the beneficiary? It is a failed business. It was precisely the same with the banking crisis. Rather than do something positive and affect real change the government just handed the strung out offenders more cash to go and gamble with without even a rap on the knuckles for their troubles.

rolion

If i have to pay another 2pc off my family...is Sean going to lose his filthy rich Cavan home ,his cars,his moneys,his properties, villas, holliday homes (yes,homeS), another hidden investments !??? I've kind of lost everything here and i am preparing my kids to leave NAMA republic when they will get a chance or until T2 won't be so busy !
Is ridiculous that i have to pay for someone private mistakes.. becouse he's part of the "golden boys' circle" !!!

S H A M E

Raskolnikov

population wrote: »

Why not set up a seperate insurance company to deal with the aforementioned 700000 customers with the money? Why does Quinn Insurance have to be the beneficiary? It is a failed business. It was precisely the same with the banking crisis. Rather than do something positive and affect real change the government just handed the strung out offenders more cash to go and gamble with without even a rap on the knuckles for their troubles.

If you set up a new insurance company, transfer the existing business over to it, you would just be in the same position as you were with Quinn (i.e. your loss reserves would still be €640 million short).

later12

Cookie_Monster wrote: »

There is already such a 2% charge on all motor policies that goes into MIBI.
so it'll be 4% now then?

I'm not 100% sure, but yes, that appears to be the case.
This levy will go to the Insurance Compensation Fund, which had not been collecting levies. I don't think it has anything to do with the MIBI, as far as I know that's a totally different levy. Someone more familiar with the insurance companies might confirm that.

erictheviking1

What I'd like to know is what happened to all the money we've been paying into the current insurance levy that we've all been paying since the 1980's???

Raskolnikov

later10 wrote: »

I'm not 100% sure, but yes, that appears to be the case.
This levy will go to the Insurance Compensation Fund, which had not been collecting levies. I don't think it has anything to do with the MIBI, as far as I know that's a totally different levy. Someone more familiar with the insurance companies might confirm that.

It's not just motor insurance, you pay the levy on all non-life policies.

later12

Raskolnikov wrote: »

Insurance (particularly at the commercial side) is really, really expensive. A lot of folks who have stumped up for their premiums simply would not be in a position to pay to take out a new policy.

I'm saying that the books could be bought by other companies, who would continue to receive premiums from customers without customers noticing much difference. This happens with banks all the time, most recently with Anglo itself.

Another thing you're forgetting is that the Quinn Group have taken out €1.2 billion in borrowings to fund the running of the overall group. If creditors are forced into taking write-downs, that could have all sorts of unforeseen consequences to the overall economy.

Quinn's creditors are Anglo! We own Anglo, I'm saying that this is the reason why the levy will be accepted - we want to recover money. It has nothing to do with Quinn being systemic, it isn't systemic, it's our debtor.

DoesNotCompute

Raskolnikov wrote: »

Quinn Insurance is systematic to the Irish economy. According to their website, they have over 700,000 customers. If Quinn Insurance was allowed to fail, then 700,000 people could have their health and motor insurance invalidated, despite the fact many would have already paid a years worth of premiums in advance.

It's a free market. There's plenty of other insurance providers that those 700,000 people can go to.

Raskolnikov

later10 wrote: »

I'm saying that the books could be bought by other companies, who would continue to receive premiums from customers without customers noticing much difference. This happens with banks all the time, most recently with Anglo itself.

No competitor will touch Quinn Insurance while it has a reserving shortfall. Either the government fills it, or else we put Quinn Insurance into liquidation, which could mean canceled policies.

later10 wrote: »

Quinn's creditors are Anglo! We own Anglo, I'm saying that this is the reason why the levy will be accepted - we want to recover money. It has nothing to do with Quinn being systemic, it isn't systemic, it's our debtor.

Exactly - we own Anglo, therefore stiffing Anglo is shooting ourselves in the foot.

Laminations

Raskolnikov wrote: »

The problem is why should the ordinary person on the street suffer; they have paid their premiums, they've done nothing wrong. The big issue here is that the regulator and Central Bank stood by and allowed the Quinn Group to get itself into this mess. They learned nothing from the mess that ICI and PMPA created years ago and from what we have seen so far, nothing has been done to ensure that this can never happen again.

Stop stop stop! If I break the law I don't get to blame the gardai for not stopping me. Yes they may have a case to answer but it's a separate issue to my actions, my responsibilities, my blame. We are not being asked to pay to cover the debts of the company, these are the debts of one man (and his family). Quinn needs to own his mistakes, and his family who shared in the profits should now share in the loses. But this is Ireland, Quinn and his family will go on living in luxury while the rest of us make up his shortfall.

The homes and personal assets of Sean Quinn and his family will be beyond the reach of Anglo Irish Bank in its attempts to get repayment of €2.8 billion in loans, because no personal guarantees were given by the family as security on the borrowing.

http://www.sbpost.ie/news/quinn-familys-personal-assets-beyond-anglos-reach-55810.html
Disgraceful

View

Why is anyone surprised?

Do you really think the politicians were going to order to take the flak for ordering the closure of Quinn Insurance?

That is the "great" thing about state ownership - decisions get made based, not on economic grounds, but on the basis of the likely fall-out in vote terms.

jmayo

Liam Byrne wrote: »

Have we even paid off FF's PMPA levy yet ?

It's beyond a joke that we are being forced to take on even more of other people's debts.

Ah yes another story of an Insurance company owner (joe moore) who made a foray into banking, ran a very dodgy bank that went bust, was buddies with a ff leader (cj haughey), whose company was bailed out and the taxpayer/customers paid the cost of it over decades.

And people claim that this latest banking disaster was due to lax regulation over the last 10 years.
Check out Irish banking history and the names of joe moore, patrick gallagher, ken bates crop up.
seanie fitz just took it to a new level.

Qualitymark wrote: »

Sean Quinn gambles on Anglo shares and loses his shirt, the citizens are made responsible for a stupendous loan to finance Anglo, Anglo thinks of buying Quinn's company, the citizens are taxed to pay for Quinn's gambling debts so Anglo will buy the company.

Can't decide if I'm living in Alice's Adventures in the Looking-Glass, 1984, or Monty Python. Storm the Reality Towers! Retake the universe!

Ehh correction sean quinn gambled, but it's our shirts that are lost.

AFAIK according to reports from the last week his families assets may not be touched.

Haven't you copped onto how this works.
The quinns, kellys, fitzpatricks, fingeltons, ronans, dunnes, mulryans, mcnamaras, quinlans all gambled and yes they lost some of their wealth.
They may no longer be billionaires, only millionaires. :rolleyes:

Any of their wealth that they despersed to family members, any that was not directly tied up in the companies that went bust, but buried in their myriad of limited companies can't be touched.

But the plebs who pay taxes here don't have that luxury.
The so called wealth we earn every year can be taxed to pay for their losses.
Really sweet deal if you are one of the above.

And to boot we are being blamed for their f***ups.
Shure wasn't it all our faults is the mantra being pedalled by a fair few commentators and the apologists for the connected ones.

Hell we hear that mantra often enough around here. :rolleyes:

Raskolnikov

DoesNotCompute wrote: »

It's a free market. There's plenty of other insurance providers that those 700,000 people can go to.

Customers have already paid up for something in the region of €1 billion for their existing policies. By shutting Quinn down, you're waving good bye to that (at least a decent portion of it).

later12

Raskolnikov wrote: »

No competitor will touch Quinn Insurance while it has a reserving shortfall.

I'm not suggesting anyone buy the whole company, for the last time, other insurance companies would gladly take individual accounts off Quinn's hands. Sure, they would be cherrypicking, but that's life, that's capitalism, move on.

we own Anglo, therefore stiffing Anglo is shooting ourselves in the foot.

That is presuming we would recover any significant money from Quinn Insurance, which I'm not convinced about. But that is the government's thinking, yes. It has nothing to do with systemic importance, it is to do with the hope of recovering money.

jmayo

Laminations wrote: »

Stop stop stop! If I break the law I don't get to blame the gardai for not stopping me. Yes they may have a case to answer but it's a separate issue to my actions, my responsibilities, my blame. We are not being asked to pay to cover the debts of the company, these are the debts of one man (and his family). Quinn needs to own his mistakes, and his family who shared in the profits should now share in the loses. But this is Ireland, Quinn and his family will go on living in luxury while the rest of us make up his shortfall.


http://www.sbpost.ie/news/quinn-familys-personal-assets-beyond-anglos-reach-55810.html
Disgraceful

It is at times like this I do hope we default and we do have riots on the streets, because it is the only way that the people in this country finally wake up.

The whole ideas of responsibility and accountability have gone out the window.
The whole idea of capitalism where risk and reward go hand and hand has been turned on it's head.
Or at least it has for some people.
For most of us if our business goes tits up we are crucified.
For most of us if we can't repay our one major loan i.e. mortgage we risk the loss of our home.
On the other hand these people can run up billions in debts, but basically still carry on as if nothing has happened.
After all some of them might have to send their kids to private schools which of course won't be affected by the cuts in public education, some of which may be necessary because of their losses. :rolleyes:

A well connected tranch of people in this country has the luxury of affectively gambling, collecting the winnings if all goes well, but dumping the losses for those gambles on the laps of the citizens of this state if things go bad.
Taxpayers, present and future, will primarily bear the brunt of it, but to some extent all people (rich, poor, employed, unemployed, young, old) who avail of services in this state will suffer.

Meanwhile the culpable rich connected ones hang onto a very sizable portion of their wealth.

Well if we are socialising their losses, I reckon we can also start socialising what is left of their wealth.

What really makes my blood boil is the fact that some gobsh*** will still be around lauding quinn and what he and his family have achieved.

hinault

Great.

We're now subsidising jobs in the insurance sector, banking sector, public sector, public sector pension................:mad::mad::mad:

later12

jmayo wrote: »

What really makes my blood boil is the fact that some gobsh*** will still be around lauding quinn and what he and his family have achieved.

Quinn did not make this decision himself. It's out of his hands by now. I have more respect for him than I do for anyone in government supporting this.

Sir Oxman

Ah sure isn't Sean Quinn a great man, man of the people and all that.
It should be mandatory for the levy/tax to be named after the great man himself, on every insurance form and contract.

What. A. Country.

later12

Whooops just been looking at Meteor's earnings summary... down 19% on the previous. Why not give them a handout as well Minister Noonan!

Cookie_Monster

Raskolnikov wrote: »

Customers have already paid up for something in the region of €1 billion for their existing policies. By shutting Quinn down, you're waving good bye to that (at least a decent portion of it).

so?

That's the risk you take with any purchase, yes it is unfortunate but it should not be simply a case of more socialised debt for the sake of it.

ei.sdraob

Raskolnikov wrote: »

The problem is why should the ordinary person on the street suffer; they have paid their premiums, they've done nothing wrong. The big issue here is that the regulator and Central Bank stood by and allowed the Quinn Group to get itself into this mess. They learned nothing from the mess that ICI and PMPA created years ago and from what we have seen so far, nothing has been done to ensure that this can never happen again.

Everyone will suffer (not just the customers!) by being made to pay while the Regulator/Central bank walk away yet again.