| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


Irish Supreme Court rules in favour of BUPA in risk equalisation case against the Government
By Finfacts Team
Jul 16, 2008 - 11:19:01 AM

Email this article
 Printer friendly page

The Irish Supreme Court today ruled that the Government's risk equalisation scheme for health insurance is based on a wrong interpretation of the law and should be set aside. The court upheld UK health insurer BUPA's appeal against a High Court decision rejecting its challenge to the scheme.

 

VHI, the State-owned health insurer, was due to receive payments of more than €40m from its rival but the payments had been postponed pending the outcome of this appeal.

The Quinn Group agreed to acquire BUPA's Irish operation in 2006 following its parent's decision to quit the market because of the risk equalisation issue.

BUPA'sappeal was heard by the five-judge Supreme Court last November and it reserved judgment which was announced this morning. All five judges ruled in favour of BUPA in today's ruling.

Earlier this year, the European Court of First Instance rejected BUPA's appeal against a European Commission decision to approve the scheme on the basis that the Government was entitled to compel BUPA to make compensatory payments to the VHI.

The stay on the introduction of risk equalisation was obtained in July 2007 by the Quinn Group, which took over BUPA earlier that year.

The Quinn Group has claimed in separate proceedings yet to be determined that it is not obliged to make risk-equalisation payments for three years. It claims it would incur costs of €30 million if obliged to make payments.

The Judgment had not been provided on the Courts Service website, at the time of posting this news report.

Vhi Healthcare said that it is very disappointed with today's Supreme Court decision.

Commenting on the Supreme Court decision, Jimmy Tolan, Chief Executive, Vhi Healthcare said:
"We will take time to carefully review this decision. Community Rating has always been central to the Irish health insurance system and risk equalisation is necessary to ensure community rating is implemented. Today's decision may have serious consequences for older and chronically ill members of society and it is our goal to try and ensure that private health insurance can continue to be purchased on acceptable terms by our more medically vulnerable customers."

Statement from Quinn Healthcare:

Quinn Healthcare welcomes the outcome of the BUPA Supreme Court appeal.

We fully support a fair and competitive community rated market where access to private health insurance is fully available to all members of society.  The Risk Equalisation Scheme previously introduced was clearly neither a fair nor appropriate means of achieving such a market.

Through our operations in Fermoy, we have built a loyal and maturing customer base over the past 12 years and we remain committed to providing both our existing customers and any new customers with the best value in the marketplace, regardless of age.

In the current market, where the VHI enjoys a State-supported dominant position, the removal of risk equalisation will encourage both competition and innovation to the benefit of a community rated market.

Related Articles
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2009 by Finfacts.com

Top of Page

Irish
Latest Headlines
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%
Monday Newspaper Review - Irish Business News and International Stories - - May 20, 2013
Friday Newspaper Review - - Irish Business News - - May 17, 2013
Thursday Newspaper Review - Irish Business News and International Stories - - May 16, 2013
Wednesday Newspaper Review - Irish Business News and International Stories - - May 15, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 14, 2013