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Financial Regulator fines Quinn Insurance

constitutionus

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Just heard it on RTE radio at 3pm and found this link to the story on the irish times site

Financial Regulator fines Quinn Insurance €3m - The Irish Times - Fri, Oct 24, 2008

So what do you think regulator trying to reverse the damage done to it in the press in recent weeks?

It's a hell of a fine. obviously not much by mr quinns status but i think its the biggest the financial regulators given out and getting sean to resign as chairman and fining him 200k personally definetly seems like hardball tactics.
 
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coc

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Maybe Quinn will pay the fine in Anglo-Irish shares?

Going ... going ... gone!
 

Supermanpolitician

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Got utterly screwed over by Quinn Direct a few months back. Since then transferred car insurance, health insurance and home insurance to different providers. Also refused Quinn Healthcare in my last job (cost me extra with VHI) and normally I am all about the bottom line, but their practices are not something which I find nice.
 

Anorakphobia

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Why did it take almost 11 months for the supposedly largest private company in Ireland to post results.

Quinn cribbing about the size of teh fine is insane and i'd say the Regulator will be furious at this defiance.
 

Victor Meldrew

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Also refused Quinn Healthcare in my last job (cost me extra with VHI)
I did the same. My comment to HR was along the lines that I actually need health insurance as opposed to a BS lifestyle product. as for car insurance, i'm old enough for that to be cheaper than heath insurance, so i never had to touch them thankfully.
 

Supermanpolitician

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I did the same. My comment to HR was along the lines that I actually need health insurance as opposed to a BS lifestyle product. as for car insurance, i'm old enough for that to be cheaper than heath insurance, so i never had to touch them thankfully.

I used to get screwed on car insurance in my younger days but got slightly less screwed by Quinn although I was still paying 1800 punts when I stareted. I am actually getting better cover at a lower rate with FBD now.

As for healthcare, never needed it but if they operate their healthcare the same way they operate their car insurance, I don't want to risk it.
 

Anorakphobia

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Interesting given the breaking news on Sean Quinn that Morgan Kelly chose to include the following in his IT article today.
"It is worth recalling that the last time Ireland's wealthiest businessman and his dodgy personal bank got into financial difficulties - Patrick Gallagher and Merchant Banking Ltd in 1982 - both were allowed to go bankrupt. Gallagher eventually did two years for fraud in Crumlin Road Prison, Belfast"

Clearly he was drawing a thinly veiled parallel with Quinn.
 

constitutionus

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so thin that maybe theres more to come prehaps?
 

Middleaged

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I have to say, I have seen Quinn Insurance at it lowest, but when I got sick myself I cannot fault them with either paying my hospital or the fees I pay and claim back. Last spring it was all complete in weeks. No fuss, and it continues like that that today
 

PhoenixIreland

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re-tax profits at Quinn Insurance fell from €323 million to €245 million in 2007 despite a 40 per cent increase in premium income to €1.09 billion
God love them, they desperatly needed that increace didn't they? I mean €245milion, that would not fill a shopping basket these days :rolleyes:

P R I C K S
 

Anorakphobia

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This is just dynamite.
Between Quinn Insurance and Quinn Group he raided €1.17 billion for his Anglo punt to May and has identified another €130m since then.
€1.25 billion!

The largest private company in the country lets its Chairman withdraw 1.25 billion to pay for his punting.
And this from a man who says he doesn't gamble more than a quid a hand in a friendly game of cards.
Staggering stuff and I suspect he has destroyed his own company in the process.
 

Zamidan

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I did the same. My comment to HR was along the lines that I actually need health insurance as opposed to a BS lifestyle product. as for car insurance, i'm old enough for that to be cheaper than heath insurance, so i never had to touch them thankfully.

Have my car insurance and so does other half (since 1997). family health insurance..Had been with Bupa ..stayed when Quinn took over..and ive had no problems with them

And have had to use the health insurance alot...And again could not fault them.
Btw I wouldnt touch VHI with a barge pole...I have much better cover and if you cmpare the policies I could have VHI for about a thousand more than what i pay Quinn.

Got the free travel insurace so happy days
 

coc

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Thanks for that Seán.
;-)
 

cyberianpan

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This is extremely serious and I'd be surprised if criminal charges are not under consideration

RTE
Quinn resigns over regulation breaches

The regulator has required Quinn Insurance to pay €3.2m, the biggest penalty of its kind, with Mr Quinn to pay €200,000.

RTÉ News understands the key issue is a loan of €288m, which was extended from the insurance company to another related company.
This money was used to part finance the purchase of shares in Anglo Irish Bank. Mr Quinn and his family purchased 15% of Anglo Irish Bank in August.

cYp
 

draiocht23

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This is extremely serious and I'd be surprised if criminal charges are not under consideration cYp
Really, criminal charges? For white-collar-type philandering? in Ireland? Criminal charges?

I don't think there's a suitable precedent...
 

constitutionus

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now now draiocht123.

im sure the word you meant was "any" :)

i couldve sworn i heard someone from labour ask if he's going to be investigate by the office of corporate enforcement to see if he's broke any of their rules.

if THEY rule against him there goes his entitlment to run a company. still the last case they had was against the baily brothers and even with them getting done for 22 million off the revenue commissioners they didtn go down so im not sure how much of a threat that is.
 

draiocht23

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now now draiocht123.

im sure the word you meant was "any" :)

i couldve sworn i heard someone from labour ask if he's going to be investigate by the office of corporate enforcement to see if he's broke any of their rules.

if THEY rule against him there goes his entitlment to run a company. still the last case they had was against the baily brothers and even with them getting done for 22 million off the revenue commissioners they didtn go down so im not sure how much of a threat that is.
I think you just proved my point...so thanks! :lol:
 


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