Irish regulator described as the Sheriff of Dodge City
Ireland’s Financial Regulator Matthew Elderfield told a Dáil (MPs) committee he did not act hastily or in a heavy-handed manner over Quinn Insurance and said he would stop if Quinn found the cash to plug it regulatory hole, papers report.
"I will state that we are faced with a serious and persistent breach of the solvency requirements of a major insurance company and that we are determined to take action to protect the interests of its policyholders," he said.
Elderfield said administrators taking control of Quinn Insurance was the best option to ensure that 1.3 million policyholders were in “a safe and sound environment”.
Show me the money
“I have said all along in discussions with the company: ‘Show me the money and we will take a different approach’, but no one has been forthcoming,” he said. The regulator believes the insurer needs about €700m, while the Quinn Group believes that up to €150m would raise its solvency.
He was “very sympathetic” to the plight of 5,500 workers at the group, but he had to ensure policyholders were protected, he told the Oireachtas (parliament) Joint Committee on Economic Regulatory Affairs.
Most committee members welcomed Mr Elderfield’s tougher approach to regulation, with Seán Sherlock, Labour TD, describing him as “the sheriff of Dodge City”.
