Financial Regulator says Quinn decision was in best interest of policyholders

THE Financial Regulator said he did not act hastily or in a heavy-handed manner in applying for the appointment of provisional administrators to Quinn Insurance late last month.

Answering questions from a Dáil committee, Matthew Elderfield said the action was taken in the interests of Quinn Insurance’s 1.3 million policyholders.

“I will state that we are faced with a serious and persistent breach of the solvency requirements of a major insurance company and that we are determined to take action to protect the interests of its policyholders,” he said.