Dáil Éireann Debate, Tuesday - 10 July 2012
499 Deputy Niall Collins asked the Minister for Health the reason Irish Life, as a State owned entity, has been permitted to hold a significant shareholding in a private health insurance company particularly when he is working to divest it of its shareholding in VHI on foot of a European Court of Justice judgment to this effect; and if he will make a statement on the matter. [33347/12]
View answerAs the Deputy is aware the Irish health insurance market received a new entrant last week with the launch of GloHealth. I welcome this development, and believe that it will help improve competition in the market. The decision of Irish Life to invest in GloHealth is a commercial matter for the Board of Irish Life, in keeping with its remit as a commercial insurer. Both Glohealth and Irish Life are regulated by the Central Bank of Ireland.
The European Court of Justice judgement to which the Deputy refers concerned the VHI's derogation from the EU Non-Life Directives which had exempted it from the requirement to be authorised by the Central Bank. The Court of Justice of the European Union ruled against the State on 29 September last. The Government is committed to addressing the findings of the European Court of Justice by dealing with the VHI's regulatory status. Irish officials have met with European Commission officials of both the Directorate General for Competition and the Directorate General for Internal Market and Services since the beginning of the year and will continue to engage with them on an ongoing basis.
