Charlie O'Connor
Question:265 Deputy Charlie O’Connor asked the Minister for Health and Children the amount of seed capital that the VHI has provided; and the organisations this seed capital has been given. [7924/10]
View answerTuesday, 16 February 2010
Questions (209, 210, 211, 212)
Charlie O'Connor
Question:266 Deputy Charlie O’Connor asked the Minister for Health and Children the amount of all loans provided by the VHI; and the organisations to which these loans have been provided. [7925/10]
View answerCharlie O'Connor
Question:267 Deputy Charlie O’Connor asked the Minister for Health and Children the joint ventures that the VHI has entered into; and the level of financial commitment provided by the VHI in these joint ventures. [7926/10]
View answerCharlie O'Connor
Question:268 Deputy Charlie O’Connor asked the Minister for Health and Children the profit or loss generated individually by the ancillary business lines (details supplied) of the VHI. [7927/10]
View answerWritten answers
I propose to take Questions Nos. 265 to 268, inclusive, together.
Section 14 of the Health Insurance (Amendment) Act 2001 provided for the Voluntary Health Insurance Board’s involvement in certain specified secondary activities. Arising from that provision, VHI sought and was given consent by the Minister for Health and Children to become involved in a number of ancillary businesses. These include travel, dental and global health insurance, in addition to its two joint ventures, Vhi Swiftcare and Vhi Homecare.
VHI did provide some seed capital for these two joint ventures, which were relatively small investments. For its insurance line of business, i.e. travel, dental and global insurance, Vhi Healthcare is an authorised intermediary and works in partnership with authorised insurance underwriters. For these businesses, no seed capital is required and its underwriting partners maintain capital to meet solvency requirements. Vhi Corporate Solutions has no requirement for seed capital.
No loans have been provided by VHI to any organisation.
VHI operates in a commercial market and, as such, some of the detailed information requested is commercially sensitive and inappropriate for release into the public domain. However, in terms of profit or loss of the ancillary businesses, VHI has confirmed that its diversified products portfolio is a net contributor to the business as a whole.