QUINN-healthcare
Encyclopedia
QUINN-healthcare was formed in February 2007 following a high-profile acquisition of the health insurer Bupa Ireland by the Quinn Group
. The newly formed QUINN-healthcare employs over 300 personnel in Little Island
, County Cork
and has embarked on a significant drive to increase its profile and share of the Irish
Health Insurance
market.
After this QUINN Healthcare took over.
As a new insurer, QUINN healthcare was exempt of the Risk Equalisation payments for three years which was the normal concession granted to any new marked entrant.
In 1994 the Supreme Court ruled that the Governments Risk Equalisation specifications were incompatible with the Health Insurance Act 1994 and must be set aside. But the new Health Insurance (Miscellaneous Provisions) Bill December 2008 proposed new scheme of levies on all health insurance members to be used to fund a new system of tax credits for those over 50 who have private medical insurance.
chairman Sean Quinn
announced in April 2007 that he intends to develop a new office facility in Little Island
, County Cork
that will hold up to 800 staff extending the workforce by 500.
Since late 2009, the future of the entity has come into question, as its holder, the Quinn Group, fell into administration, and is looking to sell off its insurance assets in the UK and Ireland.
Quinn Group
The QUINN group is a business group headquartered in Derrylin, County Fermanagh, Northern Ireland. The privately owned group has ventured into cement and concrete products, container glass, general insurance, radiators, plastics, hotels, and real estate...
. The newly formed QUINN-healthcare employs over 300 personnel in Little Island
Little Island, Cork
Little Island is mainly an industrial area to the east of Cork City, Ireland. It is no longer an island, since the northern channel separating it from the mainland has filled over. To the east and south is Cork Harbour; across a channel to the west is Fota Island.-Development:Many of Cork's...
, County Cork
County Cork
County Cork is a county in Ireland. It is located in the South-West Region and is also part of the province of Munster. It is named after the city of Cork . Cork County Council is the local authority for the county...
and has embarked on a significant drive to increase its profile and share of the Irish
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
Health Insurance
Health insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is...
market.
History
QUINN-healthcare was formerly BUPA Ireland. BUPA Ireland entered the private medical insurance market in Ireland in 1997 ending the VHI Healthcare monopoly which had existed for almost 40 years following the opening of the health insurance marked in Ireland in 1994. In December 2006 BUPA Ireland announced that it would be leaving the Irish Marked as the High Court remained the Risk Equalisation scheme unchallenged. BUPA Ireland argued it could not afford to make a cash transfer to VHI Healthcare as required under the risk Equalisation Scheme.After this QUINN Healthcare took over.
As a new insurer, QUINN healthcare was exempt of the Risk Equalisation payments for three years which was the normal concession granted to any new marked entrant.
In 1994 the Supreme Court ruled that the Governments Risk Equalisation specifications were incompatible with the Health Insurance Act 1994 and must be set aside. But the new Health Insurance (Miscellaneous Provisions) Bill December 2008 proposed new scheme of levies on all health insurance members to be used to fund a new system of tax credits for those over 50 who have private medical insurance.
Business
As of 2011, QUINN-healthcare has 1.3 million members members and announced a price freeze for 2007. Quinn GroupQuinn Group
The QUINN group is a business group headquartered in Derrylin, County Fermanagh, Northern Ireland. The privately owned group has ventured into cement and concrete products, container glass, general insurance, radiators, plastics, hotels, and real estate...
chairman Sean Quinn
Seán Quinn
Seán Quinn is an Irish businessman and conglomerateur, now bankrupt. In 2008 he was the richest person in Ireland, but he now has debts...
announced in April 2007 that he intends to develop a new office facility in Little Island
Little Island, Cork
Little Island is mainly an industrial area to the east of Cork City, Ireland. It is no longer an island, since the northern channel separating it from the mainland has filled over. To the east and south is Cork Harbour; across a channel to the west is Fota Island.-Development:Many of Cork's...
, County Cork
County Cork
County Cork is a county in Ireland. It is located in the South-West Region and is also part of the province of Munster. It is named after the city of Cork . Cork County Council is the local authority for the county...
that will hold up to 800 staff extending the workforce by 500.
Since late 2009, the future of the entity has come into question, as its holder, the Quinn Group, fell into administration, and is looking to sell off its insurance assets in the UK and Ireland.