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Dáil Éireann díospóireacht -
Tuesday, 5 Nov 2002

Written Answers. - Company Legislation.

Mary Upton

Ceist:

155 Dr. Upton asked the Tánaiste and Minister for Enterprise, Trade and Employment further to Parliamentary Question No. 58 of 17 October 2002, if her attention has been drawn to the disquiet and media speculation as to the viability of a company (details supplied); if she will assure consumers that they will be protected should this company get into greater difficulties; and if she will make a statement on the matter. [20155/02]

The company in question is an UK authorised and supervised insurer, which has a branch operation in Ireland. While I am aware of recent media speculation, I would also draw attention to a recent statement by the UK insurance supervisory authority emphasising that – with the exception of one specified insurer, Pearl UK Life Assurance – all insurance companies under its supervision were operating above the required regulatory solvency margins.

I understand that the UK has recently introduced a new compensation scheme for policy holders of UK regulated insurance companies. As I have previously emphasised, it is important that consumers should seek information on the current policyholder protection provisions that will apply in the event of the failure of the insurance company.

My Department is also involved in discussions at EU level concerning the treatment of EU policyholders in the event of the failure of an insurance company writing cross-Border business.

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