Existing Quinn Insurance PII cover still valid, says FSA
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The FSA has reassured UK advisers with professional indemnity insurance through Quinn Insurance Limited that their policies will remain valid despite the firm falling into administration.
The Financial Regulator in Ireland today announced that Quinn has been placed into provisional administration and, following an application to the High Court, joint provisional administrators have been appointed.
Quinn’s UK branch, Quinn Insurance Limited (UK) or Quinn Direct, specialises in motor and professional indemnity insurance and has now closed to new business.
The Irish regulator and the FSA have confirmed that existing policyholders in the UK will continue to be covered.
Customers of the firm can continue to make claims and should continue to pay direct debits and premiums in the normal way.
The FSA says it will provide updates on its website as soon as possible.
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Readers' comments (3)
Anonymous | 31 Mar 2010 0:16 am
The Quinn Group Are an Inspiration to all companies and Networks wishing to offer quality Service and treat every customer fairly on every given Opportunity.
Quinn Group are the Heart of Financial Provision growth and prosperity for every individual Company, employee and Customer both in the uk and Ireland as à whole.
They are à Self sufficient company which deliver
on every quality expected of all institutions and they adapt truely an Open and honest policy and As à Direct result of them of being à very profitable Provider who in the intrim White Label and Self underwrite all the products they
offer along with Self financing all there projects are now at the Heart of question as they are about the only left profitable Business in Southern Ireland.
The Southern Government have now effectively
Run out of Puff!!!
Starting to work within the Quinn Group is like starting to work at the Base of à piramid of wealth. As they educate and employ everyone from within and offer them every Opportunity to Progress on every Opportunity.
A non worker within Quinns and an existing Policy holder.
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Anonymous | 31 Mar 2010 7:27 am
The FSA would say this to cover up the fact that this has caught them completely by suprise and that it represents another failure of regulation that they let such a financialy unstable company trade in this country. If liabilities are greater than assets how can anyone insured with this firm have any confidence that a claim will be paid.
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Anonymous | 10 Apr 2010 12:00 pm
Good news for Solicitors anyway.
The FSA, Solicitors Regulation Authority and Law Society are, at present, all effectively guaranteeing/underwriting Quinn PII policies by advising policy holders they can carry on in business regardless.
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