FYFFES’ chief executive Jimmy Tolan will succeed Vincent Sheridan as head of VHI Healthcare.

THE controversial risk equalisation scheme in Ireland — whereby elderly and ill people insured by the largely State- owned VHI are shielded from higher health insurance premiums — has been approved by the European Court of Justice.

The EU today issued a statement that the European Commission acted within its powers in facilitating the introduction of Risk Equalisation in Ireland.

MANY families will pay more than €1,800 a year for medical cover after the VHI announced an inflation-busting 8.5% hike from September.

The VHI’s request for an 8.5% increase in the average cost of its insurance is a challenge to the Government’s stated intention of minimising the rate of inflation, which is running at around 5%.

The VHI says the 8.5% price increase it is seeking to impose in the coming weeks is necessary to provide quality services to its members.

HEALTH Minister Mary Harney was accused yesterday of making people more afraid of using the public hospital system so that they would take out private health insurance.

EUROPEAN Commissioner Charlie McCreevy has turned up the pressure on the Government to reform the VHI.

Minister for Health Mary Harney today defended rushing emergency legislation through the Oireachtas to close a legal loophole allowing new entrants to the health insurance market to avoid expensive risk equalisation payments.

VHI has warned that if the EU forces it to abide by the same rules as other health insurers it will have to cease to be a not-for-profit company.

THE future of the VHI is at risk unless the Government changes the law immediately to ensure BUPA’s new owners pay into the risk equalisation scheme, the company’s chief executive has warned.

HEALTH insurance giant VHI last night demanded the Government clear up the law on its rival insurers so that BUPA Ireland will have to pay its €52 million a year community rating bill.

EUROPEAN Internal Market Commissioner Charlie McCreevy is preparing to insist the Government changes the VHI’s favoured status in Ireland’s health insurance market.

BUPA Ireland could continue to make a profit and subsidise VHI’s older customer base, the head of the State-sponsored insurance body insisted yesterday.

THE High Court’s decision to reject BUPA’s claim that risk equalisation was anti- competitive and illegal could kick-start real price competition in the health insurance market, a consumer watchdog said yesterday.

VHI customers whose premiums have more than doubled since 1999 will have to pay 12.5% more for their care plans from September.

The Vhi is seeking an increase of 12.5% in premiums from September of this year in response to major financial losses last year.

MARTIN WILSON succeeded John Greely as president of the Institute of Chartered Accountants in Ireland (ICAI) at its AGM in Dublin yesterday.

BUPA Ireland says its latest price rise is just slightly less than this month's 10% increase in the cost of private beds in public hospitals.

Tens of thousands of children will have the chance to learn hurling, Gaelic football and camogie during the summer holidays under a new national scheme announced today.

HEALTH insurer BUPA has taken legal action to block Government plans to introduce a scheme which could lead to cheaper premiums for everyone with private health cover.

Health insurer BUPA tonight secured a High Court injunction to stave off potentially massive compensation bills following Tánaiste Mary Harney’s decision to bring in risk equalisation.

Health insurers BUPA and VIVAS were tonight facing massive compensation bills after Tánaiste and Health Minister Mary Harney introduced controversial risk equalisation measures.

Vhi Healthcare today welcomed the decision by Tánaiste and Minister for Health Mary Harney to trigger the Risk Equalisation scheme effective from January 1.

Vivion Kilfeather

The future viability of Vhi healthcare is at serious and urgent risk, the company claimed today.

VHI SUBSCRIBERS could face hikes in premiums after Tánaiste and Health Minister Mary Harney yesterday pulled back from plans to force rival companies to compensate the health insurer for its older and costlier customer base.

Annual reports show that few semi-State bosses got major wage rises, writes Ian Guider.

John Greely has been elected to succeed Terence O'Rourke as the president of the Institute of Chartered Accountants in Ireland.

ALMOST 400,000 Bupa customers and employees face uncertainty after a threat by the health insurer to pull out of Ireland over new regulations it says will favour its rival, VHI.

THE health insurance market was yesterday branded a cartel with prices almost doubling since competition was introduced.

THE latest entrant to the health insurance market, Vivas health, has complained to the European Commission that the State is protecting the VHI from real competition.

UP TO 11,500 VHI members are to be repaid a total of €423,000 after it emerged the company hadn’t fully refunded customers for treatments.

VHI Healthcare is to make refunds totalling €420,000 to over 11,000 patients.

VHI Healthcare has launched ‘LifeStage Choices’ – a new health insurance package.

The VHI has questioned the motives of a new health insurance firm that entered the Irish market today.

Insurer FBD Holdings has appointed VHI chief executive Vincent Sheridan as a non-executive director.

The ISEQ had a good day today, buoyed by falling oil prices and a satisfactory day in London.

HEALTH Minister Micheál Martin’s health insurance market policy was attacked by the Progressive Democrats yesterday following the VHI’s latest price increase.

THE Government has approved the latest increase in VHI subscriptions just days before the company announces its highest ever financial surplus.

VHI Healthcare is to offer members multi-trip travel insurance.

A CHANGE in the retirement age from 65 to 70 or 75 is unrealistic and socially unacceptable, according to VHI chief executive Vincent Sheridan.

ANY plans to privatise the VHI could be put on hold for several years after rival BUPA confirmed it is taking legal action to stop a Government measure to level the playing field in the health insurance market.