2% levy on most insurance policies to fund Quinn

aidan_walsh · 13-09-2011 01:50PM #1

http://www.irishtimes.com/newspaper/breaking/2011/0913/breaking29.html

A levy of up to 2 per cent on all non-life and health insurance polices is to be introduced to fund Quinn Insurance.

The new Insurance (Amendment) Bill 2011 was published today by the Minister for Finance.

The joint administrators of Quinn Insurance have previously told the courts that they would need more than €600 million from the Insurance Compensation Fund to meet the solvency requirements for the company.

The Insurance Compensation Fund currently stands at about €40 million. It is believed that the levy, which will indirectly be charged to consumers through their insurance providers, will raise about €65 million per year. Health insurance is not included in the levy.

The Bill will be brought before the Seanad this Thursday and will complete its passage through the Dáil no later than September 29th.

In addition, the Central Bank is directing the Minister of Finance to advance money to the fund for the last quarter of 2011, as permitted under Section 5 of the 1964 Insurance Act.

A similar levy was introduced in 1984 following the collapse of PMPA the previous year. At that time there were not sufficient monies in the fund to meet the liabilities of PMPA.

A levy of 2 per cent was paid by all non-life insurers until the end of 1991. This was then reduced to 1 per cent for the following year.

Another entry in the Big Book of Paying for Other People's Mistakes.

Billy86 · 13-09-2011 01:52PM

Definition of irony: Quinn under-charge people for years to beat their competitors, and as a result their competitors have to over-charge everybody for years to come.

humanji · 13-09-2011 01:55PM

I don't get this. Why are they getting money? Why aren't they being let go bust? And why does everyone else have to pay?

aidan_walsh · 13-09-2011 01:59PM

humanji wrote: »

I don't get this. Why are they getting money? Why aren't they being let go bust? And why does everyone else have to pay?

Because they're a big Irish financial organisation who ****ed themselves over and the precedent has been set for this kind of thing.

Mickey H · 13-09-2011 02:18PM

humanji wrote: »

I don't get this. Why are they getting money? Why aren't they being let go bust? And why does everyone else have to pay?

aidan_walsh wrote: »

Because they're a big Irish financial organisation who ****ed themselves over and the precedent has been set for this kind of thing.

The usual crap again. Johnny taxpayer will fix it. :rolleyes:

Liam Byrne · 13-09-2011 02:19PM

Sickening!

I certainly didn't vote FG or Labour for them to continue FF's ripping me off to pay for other f**kups!

Basically it's the same crap over and over - if you refuse to pay an overpriced toll, they'll pay it anyway and tax you more; if you switch from AIB or BoI, they'll pay them anyway and tax you more; if you refused to do business with Quinn, they'll tax you more.

Oh to have no ethics and be part of this inner extortion circle and set up for life!

Guy:Incognito · 13-09-2011 05:07PM

Mickey H wrote: »

The usual crap again. Johnny taxpayer will fix it. :rolleyes:

Fair few johnny taxpayers working there. How much is it costing to keep afloat Vs the amount it would cost to make the people redundant and pay them social welfare?

orourkeda · 13-09-2011 05:09PM

He's up to his stones in anglo and worthless property.

Sure he needs a hand.

foxyboxer · 13-09-2011 05:12PM

orourkeda wrote: »

He's up to his stones in anglo and worthless property.

Sure he needs a hand.

Yeah, the back of mine!

Reading Anglo Republic at the moment. A gambler, pure and simple. Despite portraying himself as a humble, frugal chap.

Margin calls on his anglo punt and he handed personal guarantees to Anglo for the entire range of his businesses. :eek::eek:

He can feck right off.

orourkeda · 13-09-2011 05:34PM

foxyboxer wrote: »

Yeah, the back of mine!

Reading Anglo Republic at the moment. A gambler, pure and simple. Despite portraying himself as a humble, frugal chap.

Margin calls on his anglo punt and he handed personal guarantees to Anglo for the entire range of his businesses. :eek::eek:

He can feck right off.

Sorry. I wasn't being entirely serious.

If there was ever a person blinded by greed then its him.

fontanalis · 13-09-2011 05:56PM

Shur it was a brit that closed him down.

Son Of A Vidic · 13-09-2011 06:02PM

We might as well change the name of the country from Ireland, to Bail Out Central.

Kevin Duffy · 13-09-2011 06:41PM

I spent a fair bit on drink and backing the wrong horses last weekend and I consider myself too big to fail, so have a whipround there please.

goose2005 · 13-09-2011 06:46PM

Ah but shur didn't Sean Quinn do grate tings for de communiteh - right before he blew it on the roulette wheel

westendgirlie · 13-09-2011 06:49PM

So insurance premiums will, as usual, go up. So on top of that increase there will be a 2% levy.

We haven't heard Budget 2011 yet and I'm already crying into my tesco value soup!

tayto lover · 13-09-2011 06:52PM

The way things are going if someone commits a murder we will all have to do a bit of his life sentence. But if i make a mistake i have to pay for it myself.

patwicklow · 13-09-2011 06:52PM

Is it true that quinn played cards once a week with friends for stakes of 50 cents??

westendgirlie · 13-09-2011 06:52PM

goose2005 wrote: »

Ah but shur didn't Sean Quinn do grate tings for de communiteh - right before he blew it on the roulette wheel

I knew a few people Cavan 5/6 years ago and you know what? They all used to talk as though the sun shone out of Sean Quinns posterior. Exactly as you said it.

dsmythy · 13-09-2011 06:54PM

So how many jobs were saved from the Quinn bailout?

SEPT 23 1989 · 13-09-2011 07:00PM

Getting so sick of this crap:mad:

dvpower · 13-09-2011 07:08PM

patwicklow wrote: »

Is it true that quinn played cards once a week with friends for stakes of 50 cents??

Yep. He only ever made tiny bets (except when he was making massive bets).

Billy86 · 13-09-2011 07:16PM

dsmythy wrote: »

So how many jobs were saved from the Quinn bailout?

Even less than you might think - insurance is typically something people have to get, so just as Quinn's customers would have gone to other companies, so too would their staff. Not all of course, but a sizeable amount. That's one of the bigger insults in this whole affair, imo.

Moneygall · 13-09-2011 11:57PM

2% levy on insurance announced to run Quinn Insurance today... they (Quinn) lost most of their UK customers so Paddy will pay for it ad infinitum..... p time to put an end to there levies .. banks, employment health...name it there a levy .....or one in the pipeline. from this government ... time for the middle class in Ireland to revolt and wise up ... the government must stop paying lump sums.... to retiring Gardai ministers tds ...and exit the euro

Evaex · 14-09-2011 10:36AM

Sean Quinn also has property loans from Anglo Irish Bank estimated at about €2.8 billion (the property is now worth substantially less). He has given €200 million to his children so far, and Quinn family members are trying to transfer assets to other countries such as Sweden and Latvia which would be beyond the reach of Anglo Irish Bank.

I wonder will Quinn workers continue their pathetic fawning over Sean Quinn and continue to protest against the government and calling for his reappointment as head of the Quinn group as they did in May. And will we continue to hear gombeen Irish Cavan farmers complain about the Brit Matthew Elderfield's vendetta against one of their local betters.

Royal Dub · 14-09-2011 10:41AM

In France, Quinn and his like would be burnt out of their premises

Paddy lies down and takes it up the arse

Liam_Flag · 14-09-2011 10:43AM

One more for the list of reasons to emigrate.

orourkeda · 14-09-2011 10:43AM

Evaex wrote: »

Irish insurance policy-holders (excluding life-insurance) will be hit with a 2 per cent levy to pay for the wreckless gambling of parasite Sean Quinn on the share price of Anglo Irish Bank. This is necessary to raise €400 million - Quinn Insurance has lost €700 million.

Sean Quinn also has property loans from Anglo Irish Bank estimated at about €2.8 billion (the property is now worth substantially less). He has given €200 million to his children so far, and Quinn family members are trying to transfer assets to other countries such as Sweden and Latvia which would be beyond the reach of Anglo Irish Bank.

I wonder will Quinn workers continue their pathetic fawning over Sean Quinn and continue to protest against the government calling for his reappointment as head of the Quinn group as they did in May. And will we continue to hear gombeen Irish Cavan farmers complain about the Brit Matthew Elderfield's vendetta against one of their local betters.

http://www.independent.ie/business/irish/price-of-sean-quinnrsquos-reckless-gambles-we-pay-euro400m-2875698.html

You have to see that to truly appreciate it

Evaex · 14-09-2011 10:43AM

Royal Dub wrote: »

In France, Quinn and his like would be burnt out of their premises

Paddy lies down and takes it up the arse

What a modest house he owns though..

http://www.belfasttelegraph.co.uk/multimedia/archive/00033/quinn_33672t.jpg

Royal Dub · 14-09-2011 10:46AM

Remember the ''Rich List'' programmes year after year and Quinn was top/near top of list every year, then in the run up to the crash he was busily transferring cash to his kids

orourkeda · 14-09-2011 10:48AM

Royal Dub wrote: »

Remember the ''Rich List'' programmes year after year and Quinn was top/near top of list every year, then in the run up to the crash he was busily transferring cash to his kids

Would you give it all away?

FetchTheGin · 14-09-2011 10:50AM

It is the community that the Quinn business surrounds that I feel sorry for, if Quinn went belly up, they would all be social welfare statistics for a very long time.

Still like any failing company, it should be allowed to collapse.

2% levy on most insurance policies to fund Quinn

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