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25/07/2012
European Commission Asks State To End VHI Guarantee
The government has been asked to end its unlimited guarantee of the VHI.
The European Commission argued that the guarantee provided the VHI “improved creditworthiness” which gave the insurer an “undue financial advantage” over its competitors, as it can not be liquidated or wound up.
“A level playing field on the Irish market for private medical insurance can only exist if all operators compete on equal market terms,” said EU competition commissioner Joaquin Almunia.
“The removal of the unlimited state guarantee to the [VHI] is essential to ensure that competition on this market takes place on the operators' own merits.”
A number of measures, under EU state aid rules, have been proposed to help abolish the guarantee.
However the commission has requested that, regardless of the final structure of the VHI, the removal of the unlimited guarantee should be completed by December 31st of next year.
(H)
The European Commission argued that the guarantee provided the VHI “improved creditworthiness” which gave the insurer an “undue financial advantage” over its competitors, as it can not be liquidated or wound up.
“A level playing field on the Irish market for private medical insurance can only exist if all operators compete on equal market terms,” said EU competition commissioner Joaquin Almunia.
“The removal of the unlimited state guarantee to the [VHI] is essential to ensure that competition on this market takes place on the operators' own merits.”
A number of measures, under EU state aid rules, have been proposed to help abolish the guarantee.
However the commission has requested that, regardless of the final structure of the VHI, the removal of the unlimited guarantee should be completed by December 31st of next year.
(H)
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