Statement on Quinn Insurance  

Statement 30 March 2010

Following an application by the Financial Regulator, the High Court has today appointed joint provisional administrators to Quinn Insurance Limited. The Financial Regulator has taken this action in the interests of the firm’s policyholders.

Quinn Insurance Limited

Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way.

The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.

The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance Limited that have very recently come to light.

Quinn Insurance Limited (UK)

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.

Quinn Life

These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.

-ends-

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Consumer Questions and Answers

Frequently Asked Questions

Q.  Am I still covered / is my insurance policy still valid?

A.   As of now it’s business as usual and your policy is valid.

 

Q.  Should I continue to pay my premiums to Quinn?

 A.   In order to continue to have cover you need to continue to make premium payments.

 

Q.  I have a claim outstanding with Quinn Insurance Limited, will it be paid?

 A.   As of now it’s business as usual and outstanding claims will be treated in the usual manner.

 

Q.  Can I make a claim on my insurance policy?

 A.   As of now it’s business as usual so the claims procedure has not changed.

 

Q.  I have a life policy, is it affected?

 A.   Quinn Life business is a separate entity.  Life products are not affected and are still subject to the terms and conditions under which you purchased them.

 

Further Information

Any updates will be available on this website. 

The Financial Regulator helpline is available at 1890 777777. 

UK residents can call  00353 214800997.