Some private health insurers not fully compliant with Health Insurance Act 

Inspection findings resulted in a refund to the Risk Equalisation Fund of €262,000.

The Health Insurance Authority (HIA) found some instances of non-compliance among private health insurers during 2020.

A report published today found that private health insurers were generally compliant with their obligations under the Risk Equalisation Scheme. However, inspection findings resulted in a refund to the Risk Equalisation Fund of €262,000.

The HIA inspected registered health insurance companies in Ireland to ensure their compliance with commitments under the Risk Equalisation Fund, which has an annual value of over €800m.

The three health insurance companies inspected were VHI Insurance DAC’s, Elips Versicherungen AG and Irish Life Health DAC’s. While they were largely compliant with the Health Insurance Act, the HIA identified areas where some insurers applications of policies were not fully compliant with regulations. 

These findings of the inspections were sent to the relevant insurers in January 2022. Recommendations were made by the HIA to the relevant insurers following the inspection results. 

A resolution is being established for two of the findings, and a refund of €262,000 was made to the Risk Equalisation Fund. 

Regarding the third finding, the HIA is engaging directly with the registered insurers, and a specific timeline for resolution has been established.

The quarterly report from the HIA shows that the health insurance market in Ireland continued to grow in the first quarter of 2022.

There has been a 1% increase in the proportion of the population with private health insurance since the end of 2021. 

47.5% of the population now hold private health insurance. 

The number of health insurance plans available has grown to 325. The average adult premium is €1,450 at the end of the first quarter.

The first quarter has also seen a 1% decline in prices across like-for-like plans.

Speaking about the Inspection Report Laura Brien, CEO, HIA said: “The report reflects the importance of the Authority’s role in overseeing the health insurers and ensuring that they achieve high levels of compliance with the broad range of their obligations. 

"It also highlights the importance of the Authority’s role in managing the Risk Equalisation Fund, and oversight of other key aspects of health insurance regulation. 

"The Risk Equalisation Fund supports the policy of community ration that ensures all consumers regardless of age, gender or health status pay the same price for the same insurance plan," she added.