Dara Calleary
Question:38. Deputy Dara Calleary asked the Minister for Health when the VHI will receive authorisation from the Central Bank of Ireland; and if he will make a statement on the matter. [2398/15]
View answerWednesday, 21 January 2015
Questions (38)
Oral answers (1 contributions)
The Government agreed in December 2011 to address the European Court of Justice (ECJ) ruling of September 2011 which found that Ireland had failed to fulfil its obligations under the EU non-life Directives by exempting VHI from being regulated (i.e. holding authorisation) by the Central Bank of Ireland (CBI). Significant progress has been made since the subsequent Government Decision of 3 December 2013 towards achieving authorisation of VHI.
VHI submitted its application to the CBI on 16 May 2014. It continues to engage closely with the CBI in respect of its application, and my Department has also provided a number of clarifications to the Bank to assist it in its understanding of the interactions between the private health insurance market and the health system.
Consideration of the VHI's application for authorisation is a matter for the CBI in its role as independent financial regulator and I cannot anticipate how long that process will take, or its outcome. However, I expect that VHI will be authorised at the earliest opportunity, if approved by the Central Bank.