High court order for Quinn family living expenses

Slideshowbob

Where will this money come from or who will pay it?

What precedent did the judge rely on for this?

Thanks

odear

you and I will pay for it.

Its because 'they are worth it'

M three

odear wrote: »

you and I will pay for it.

Its because 'they are worth it'

Will you?
Then surely you're getting infinitely more animated about the millions that are being paid out in salaries to ex property developers by NAMA.

Then again maybe you'll just repeat loreal advertising slogans instead

odear

I'm extremely animated about having to pay for any chicanery done by those who 'had' and now I as a tax payer have to pay for.

Be that developers, bankers or whoever.

thread here is about Quinn who gambled wrecklessly with money that wasnt his.

Now you and I are paying for it.

Regardless of geography, the above is true...

So was it worth it?

odear

remember 2% of every insurance policy taken out in this country for the next 12 - 15 years is a levy. This levy is based purely on the losses of the Quinn Direct Insurance group.

They increased market share by undercutting everyone else. Fair enough if they had the capital base to cover claims. But Sean decided to use that money (which was set aside tp pay for medical expenses for the Joe that had a crash or got their house broken into) to gamble on CFDs. Low and behold when the margin call came in.....Sean Quinn reverts back to his man ot the people mantra and claims he cant pay....

The bloke knows he owes the money now...But still admits to trying to put the collatoral out of the reach of those that own it now. Call it fraud or theft...whatever

M three

odear wrote: »

remember 2% of every insurance policy taken out in this country for the next 12 - 15 years is a levy. This levy is based purely on the losses of the Quinn Direct Insurance group.

They increased market share by undercutting everyone else. Fair enough if they had the capital base to cover claims. But Sean decided to use that money (which was set aside tp pay for medical expenses for the Joe that had a crash or got their house broken into) to gamble on CFDs. Low and behold when the margin call came in.....Sean Quinn reverts back to his man ot the people mantra and claims he cant pay....

The bloke knows he owes the money now...But still admits to trying to put the collatoral out of the reach of those that own it now. Call it fraud or theft...whatever

Remember what started all of this - quinn insurance was taken over because the regulator claimed that it did not have enough reserves to cover the potential claims if all of its customers claimed.
But the part government owned VHI has never had to follow the same rules, and will only from the end of next year. they're far more responsible for driving up health insurance costs with risk equalisitation for example - which was brought in by the government specifically to protect the rotten mess that is the VHI.

So who is more to blame for the 2% levy? Quinn insurance or the VHI?
Its become very convenient for the powers that be to blame quinn for everything now, and the media are peddling this line wholeheartedly

odear

Thats a daft arguement.

Quinn insurance was a private entity that couldnt meet its solvency requirements due to the fact that it either didnt employ actuaries to assess the amount of reserves required to meet potential outlays or decided to ignore same.

Aside from the fact that Sean Q decided to raid the funds to have a punt on Anglo shares...

Risk equalisation is a seperate entity and I too disagree with that.
But thats a whole other discussion

odear

The 2% levy by the way is 100% allocated to Quinn Insurance.

M three

odear wrote: »

Thats a daft arguement.

Care to say why?

And the VHI case in very much related. From the end of next year they are going to have to have enough reserves to pay for potential claims. So where do they suddenly get the reserves from to do so? Thin air?

But conveniently we're being told that the levy is all quinns fault.

MadsL

M three wrote: »

Care to say why?

And the VHI case in very much related. From the end of next year they are going to have to have enough reserves to pay for potential claims. So where do they suddenly get the reserves from to do so? Thin air?

But conveniently we're being told that the levy is all quinns fault.

Good conspiracy theory.

Quinn were never the most ethical company, hate to be "I told you so" but I had Quinn sized up in 2004.

http://www.boards.ie/vbulletin/showthread.php?p=1979116
http://www.boards.ie/vbulletin/showthread.php?p=1227919

Sleepy

Where is this money currently coming from?

Why have the family's bank accounts not been frozen?

creedp

odear wrote: »

Thats a daft arguement.

Quinn insurance was a private entity that couldnt meet its solvency requirements due to the fact that it either didnt employ actuaries to assess the amount of reserves required to meet potential outlays or decided to ignore same.

Aside from the fact that Sean Q decided to raid the funds to have a punt on Anglo shares...

Risk equalisation is a seperate entity and I too disagree with that.
But thats a whole other discussion

My understanding is that risk equalisation is standard in insurance systems where there is an intension that private health insurance should be available to the full population at reasonable rates for their lifetime. Therefore, it is common in European social insurance systems (e.g. the Netherlands) where private health insurers provide cover under the public health social security system. It is not sustainable to have private health insurance covering basic health benefits without some form of risk equalisation as when people get older they would be priced out of the market just when they need the cover most. So why would you take up PHI then .. when you are young and don't need it its cheap but when you get older and need it most (after paying premiums all your young life) you can't afford it. The problem in Ireland is that PHI is just that and is should be supplementary indsurance for cover already provided in the public health system. It could also be taken out to provide health cover is private health facilities not public hospitals. In this scenario you would not need risk equalisation as there is no need for the insurance to cover basic health care.

think this is better off here op

coylemj

Sleepy wrote: »

Where is this money currently coming from?

The family's bank accounts.

Sleepy wrote: »

Why have the family's bank accounts not been frozen?

They have been frozen, that's why they have to go to court to get money released for living expenses.

coylemj

This has nothing to do with risk equalization or medical insurance.

The big problems for the taxpayer started when Quinn started to write ridiculously low premiums for motor insurance in the UK market. The benefit for Quinn in doing this is that with motor policies, the large six and seven figure claims take several years to get settled so by reducing the premiums they got a sudden inrush of cash with plenty of time to worry about the unsustainable nature of the business they were entering.

They probably gambled that by the time the chickens came home to roost, the problems with Anglo would have gone away and they could have poured profits from their speculation on Anglo shares into Quinn Insurance to fix the problem with the inevitable losses they were going to make on the UK motor policies. The snag came when the UK regulator was alerted by the local insurance industry that something smelly was going on and on investigation, the insurance regulator here then discovered that there was a black hole in Quinn that needed to be fixed and a full enforced takeover was the only solution in order to get the Quinn family snouts out of the trough.