Belfast Telegraph

Central Bank probe into Quinn Insurance is launched

By Staff Reporter

The Republic's Central Bank has launched an inquiry into the former management at Quinn Insurance - once part of Co Fermanagh billionaire Sean Quinn's mighty empire.

The bank is to probe whether any members of the former management team at the insurance company broke EU insurance regulations.

In a statement the bank said an inquiry into "suspected prescribed contraventions is a serious matter".

The inquiry team will decide whether or not they will hold an oral hearing. The bank did not outline details of the suspected regulation breach.

Quinn Insurance was placed into administration in 2010 after it emerged it had breached its solvency requirements by €830m (£590m) in its 2009 accounts. It was later bought and rebranded as Liberty Insurance.

Taxpayers have had to foot the bill for costs at the insurer through the state-funded Insurance Compensation Fund.

That now means consumers face levies on their premiums for up to 15 years.

Belfast Telegraph