Press Release: April 16, 2010
The twist in the tale came when Financial Regulator claimed to have received a lengthy affidavit from Quinn Insurance just when the court proceedings were about to begin.
The incident highlighted the concern of Financial Regulator of putting the company on a sound and stable long-term footing within a year. Meanwhile, the court has decided to delay the proceedings for a week taking recent developments into account.
Meanwhile, with uncertainty lurking over the incident, it is possible that various price comparison portals (along with other prominent insurance players trading in the UK) that deal in options such as 'compare travel insurance', 'compare life insurance', 'compare health insurance', 'compare caravan insurance' and even 'compare van insurance', will bear the brunt of it, at least for the time being.
However, market experts are of opinion that days of such unpredictability are short-lived since, once Quinn Insurance will come under the banner of Public Administration, an element of trust and honesty will automatically get associated with it. Thus, doing wonders to its business.
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