Decision is "in the best interests of policyholders", confirms Irish regulator
The Irish Financial Regulator has welcomed today's decision by the High Court to confirm the appointment of a full time administrator at Quinn Insurance.
It follows Quinn's decision to consent to the appointment made by the High Court on application by the Financial Regulator.
In a statement, the regulator said: "It is the Financial Regulator's and QIL's opinion that this step is in the best interests of policyholders. QIL remains able to pay claims and renew policies in the normal way in the Republic of Ireland and continues to settle claims in the UK.
"The Financial Regulator acts at all times in the best interests of policyholders and in the interests of the orderly regulation of the insurance market. The Financial Regulator considers the appointment of the administrator best serves the proper and orderly regulation of QIL and the wider insurance market."
Separately, the Financial Regulator said it continues its own investigations into the circumstances surrounding the creation of the guarantees.
The Financial Regulator will also continue to work with the joint administrators and the Quinn Insurance board to address issues to resolve the financial position of the firm in the interests of its policyholders.
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