Chambers Ireland has called on the Irish government to level the playing field to deliver a competitive market in health insurance regulating VHI in the same way and at a comparable cost to its competitors.
Ian Talbot says, “Since 2007 VHI has with Department of Health sanction missed six deadlines to hit benchmark solvency requirements. Were it not a state owned entity, the company could well be under close examination by the Financial Regulator. The current situation whereby the VHI is regulated by the Health Insurance Authority but not the Financial Regulator is no longer adequate following on recent events in the Irish insurance market. Moreover, it is having a detrimental effect of both competition and service provision in this important market. The Government has acknowledged the legal obligation to bring the VHI under the remit of the Financial Regulator, as other health insurers are, however we need action now to make this a reality. It is simply not good enough to say that this will happen in time. In light of the current situation with Quinn Insurance, and in order to prevent further anomalies in the insurance market, the Financial Regulator’s remit must be formally extended to embrace health insurance sector.”
Chambers Ireland is Ireland's largest business organisation with 60 member chambers representing over 13,000 businesses in Ireland.VHI is one of only three main health insurers in Ireland.