Green light for policy transfer between BUPA and Quinn Direct
More than 400,000 individuals with health insurance were the winners of a case heard in the High Court today which gave the green light to the transferral of policies between BUPA Insurance to Quinn Direct, according to leading business and financial adviser Grant Thornton.
The ruling comes after BUPA sought to withdraw from the Irish insurance market after the government introduced the Risk Equalisation Scheme which saw insurers pay the Health Insurance Authority a levy to offset the costs of higher risk policyholders.
To effect a swift withdrawal from the market BUPA decided to transfer their entire portfolio to another provider in the Irish market in what is known as a Part VII transfer. However, adding to the uniqueness of this case, was the fact that BUPA is
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