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Laya Healthcare is a health insurance company in 
RTÉ News, 17 April 2007Irish Supreme Court rules in favour of BUPA in risk equalisation case against the Government
Finfacts Ireland, 16 July 2008 As a new insurer, QUINN-healthcare was exempt from the Risk Equalisation payments for three years which was the normal concession granted to any new market 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 ''Health Insurance (Miscellaneous Provisions) Bill December 2008'' proposed a 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.Private health insurance
Private Medical Insurance in Ireland, a short summary; Citizens Information Board, 24 June 2010 In late 2009, the future of the entity came into question, as its holder, the QUINN group, fell into administration, and was looking to sell off its insurance assets in the UK and Ireland. A plan was considered by the Irish Government to buy QUINN-healthcare and merge it with Vhi Healthcare, but was not acted on.
Ireland
Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
. Its headquarters are in Little Island, County Cork
County Cork ( ga, Contae Chorcaí) is the largest and the southernmost county of Ireland, named after the city of Cork, the state's second-largest city. It is in the province of Munster and the Southern Region. Its largest market towns a ...
. It is regulated by the Health Insurance Authority.
History
BUPA Ireland, then part of the wider BUPA group, entered the private medical insurance market in Ireland in 1997 ending theVhi Healthcare
The Voluntary Health Insurance Board ( ga, An Bord Árachais Sláinte Shaorálaigh) — which trades under the brand name Vhi Healthcare, and is still commonly referred to in Ireland as "The Vhi" – is the largest health insurance company in I ...
monopoly which had existed for almost 40 years following the opening of the health insurance market in Ireland in 1994. In December 2006, BUPA Ireland announced that it would be leaving the Irish market as the High Court had left 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. In February 2007 the QUINN group
Mannok, formerly the QUINN group, is a business group headquartered in Derrylin, County Fermanagh, Northern Ireland. The group has ventured into cement and concrete products, container glass, general insurance, radiators, plastics, hotels, and r ...
acquired BUPA Ireland and renamed it QUINN-healthcare.Quinn Group announces 500 Fermoy jobsRTÉ News, 17 April 2007Irish Supreme Court rules in favour of BUPA in risk equalisation case against the Government
Finfacts Ireland, 16 July 2008 As a new insurer, QUINN-healthcare was exempt from the Risk Equalisation payments for three years which was the normal concession granted to any new market 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 ''Health Insurance (Miscellaneous Provisions) Bill December 2008'' proposed a 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.Private health insurance
Private Medical Insurance in Ireland, a short summary; Citizens Information Board, 24 June 2010 In late 2009, the future of the entity came into question, as its holder, the QUINN group, fell into administration, and was looking to sell off its insurance assets in the UK and Ireland. A plan was considered by the Irish Government to buy QUINN-healthcare and merge it with Vhi Healthcare, but was not acted on.
Management buy-out and re-branding
On 23 December 2011 Dónal Clancy, Managing Director of QUINN-healthcare announced that a senior management bid enabled bySwiss Re
Swiss Reinsurance Company Ltd,
Swiss Re. Retrieved on 18 January 2011. "Swiss Reinsurance Company Ltd ("Swiss Re") ...
as the re-insurer was successfully concluded with the administrators. Bruce Hodkinson of Swiss Re, confirmed that Elips Life (a wholly owned subsidiary of Swiss Re) would be the underwriter.
The company was re-branded in May 2012 as ''Laya Healthcare''. Laya means "Looking After You Always". Laya Healthcare is currently the second largest health insurer in Ireland.
On 1 April 2015, Swiss Re. Retrieved on 18 January 2011. "Swiss Reinsurance Company Ltd ("Swiss Re") ...
AIG
American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...
acquired Laya Healthcare.
See also
*Healthcare in the Republic of Ireland
Health care in Ireland is delivered through public and private healthcare. The public health care system is governed by the Health Act 2004, which established a new body to be responsible for providing health and personal social services to ...
References
External links
* {{DEFAULTSORT:Laya Healthcare Financial services companies established in 1997 Health insurance companies of Ireland