Ireland’s largest insurance firm was effectively in the control of the State today after the financial watchdog said it was gravely concerned about the company.

Quinn Life has announced that it is the first life company to be approved by the Revenue Commissioners as a provider of the new SSIA rollover Pension Incentive Tax Credit (PITC) scheme.

SSIA holders could lose up to €5,000 if they fail to return the proper documentation to the Revenue Commissioners on time.