Dáil Éireann Debate, Thursday - 11 February 2010
53 Deputy Damien English asked the Minister for Health and Children if she will fulfil her legal obligation to bring the VHI within the remit of the Financial Regulator by the end of March 2010; and if she will make a statement on the matter. [6898/10]
View answerThe Government have been clear in our view that the VHI should achieve authorisation on a level playing field with other insurers. A stable, community-rated health insurance market, supported by a robust risk equalisation system, will be achieved in circumstances where all the players in the market are authorised and regulated on a level playing field. The capital position of the VHI presently, and the prospects for its reserves over the medium term, are some of the key factors in the decision of the Financial Regulator to grant authorisation. Clearly, the reserve position of the VHI is influenced by the measures in place currently, and in prospect for the future, whereby the costs of claims for older people are supported by younger insured persons.
There are a great many inter-related factors involved in setting out the roadmap now to a stable, community-rated health insurance market, all of which are under consideration by the Government. I have raised the full issues relating to the private health insurance market with Government and I expect that decisions will be made in the first quarter of this year.
