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PwC possibly to foot the bill for 2% insurance levy

  • 30-07-2013 4:57pm
    #1
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭


    http://www.businessinsurance.com/article/20130730/NEWS09/130739995
    Quinn Direct Insurance Ltd. has filed a €1 billion ($1.33 billion) negligence claim against PricewaterhouseCoopers L.L.P. – which audited the insurer's accounts – and a ruling favouring Quinn could mean the end of or a reduction in the 2% levy on all policies imposed to cover a shortfall at Quinn.

    Hmmm...whilst it would be a win for the consumer if big business foots the bill for Quinn's gambling, I'm really dubious as to how PwC would not have cautioned Quinn as to the risk of the gamble.

    Quinn seems desperate to cast the blame, and the consequences, elsewhere.


Comments

  • #2
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,774 Admin ✭✭✭✭✭hullaballoo


    Quinn doesn't have a say. The company is in administration so the administrators are bringing the case. This is not Quinn casting blame.

    Edit: I'm not one for standing up for Quinn, I just think accuracy is important.


  • #3
    P_1
    Registered Users, Registered Users 2 Posts: 14,681 ✭✭✭✭P_1


    Colour me cynical but I can only see that trial going the one way. Not a chance in hell one of the big established companies will foot the bill for that


  • #4
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    hullaballoo wrote: »
    Quinn doesn't have a say. The company is in administration so the administrators are bringing the case. This is not Quinn casting blame.

    Edit: I'm not one for standing up for Quinn, I just think accuracy is important.

    Yep, fair point. It is the administrators casting blame.

    (Damn, just apologised to Quinn)


  • #5
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,774 Admin ✭✭✭✭✭hullaballoo


    MadsL wrote: »
    Yep, fair point. It is the administrators casting blame.

    (Damn, just apologised to Quinn)
    Sorry!

    I really feel I should have let you run with it.


  • #6
    Fr_Dougal
    Registered Users, Registered Users 2 Posts: 9,166 ✭✭✭Fr_Dougal


    P_1 wrote: »
    Colour me cynical but I can only see that trial going the one way. Not a chance in hell one of the big established companies will foot the bill for that

    And even if it does go ahead and they, by some miracle, end up paying; you won't see a reduction in the insurance levy.


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