‘The Regulator Has Not Expressed Any Concern Over Solvency’
Quinn Life Direct is not impacted by the announcement today that provisional administrators have been appointed to Quinn Insurance. The Financial Regulator has confirmed that Quinn Life Direct’s business and policyholders are not affected.
Quinn Life Direct is a separate regulated company to Quinn Insurance. The company is subject to separate regulatory supervision. Policyholder funds are protected by regulation, in that the company must hold sufficient assets to cover these liabilities plus an additional solvency cover.
The company’s assets are ring-fenced, meaning that the company’s assets cannot be drawn down or transferred to any other Quinn Group company without prior regulator approval.
Siobhan Gannon, managing director of Quinn Life, said:
“The savings and investments of the policyholders of Quinn Life are backed by the Quinn Life unit-linked funds, and in addition, Quinn Life holds the additional solvency margin required by the Financial Regulator.
“The Financial Regulator has not expressed any concern over the solvency of Quinn Life.”