Judge and lawyers will oversee Quinn Insurance probe

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Judge and lawyers will oversee Quinn Insurance probe


'In October two former directors of QIL, Liam McCaffrey and Kevin Lunny, lost a High Court action to delay the inquiry on the grounds it breached their constitutional rights' (stock photo)
‘In October two former directors of QIL, Liam McCaffrey and Kevin Lunny, lost a High Court action to delay the inquiry on the grounds it breached their constitutional rights’ (stock photo)

Retired High Court judge Iarfhlaith O’Neill, veteran barrister Ita Mangan, and John Cashin, a former in-house lawyer for Zurich Insurance, are conducting the Central Bank’s inquiry into alleged regulatory breaches at Quinn Insurance Limited (QIL), the Irish Independent has established.

The probe into the business, which collapsed into administration during the crash and was later offloaded to Liberty Insurance, got under way earlier this year but has yet to commence public hearings.

In October two former directors of QIL, Liam McCaffrey and Kevin Lunny, lost a High Court action to delay the inquiry on the grounds it breached their constitutional rights.

QIL was once part of a sprawling business empire controlled by the boomtime industrialist Sean Quinn. This is the second such inquiry launched by the Central Bank and may result in the former executives facing sanctions as well as a fine of up to €500,000.

In 2013 the Central Bank fined QIL €5m in relation to a finding that it had failed between October 2005 and March 2010 to maintain adequate solvency margins and had insufficient internal control mechanisms. The fine was waived because the firm was in administration and the regulator announced in late 2015 that it planned to mount an inquiry into the business.

Two of the panel members, Mr O’Neill and Ms Mangan, have participated in a number of State investigations over the past decade with the latter investigating child protection measures in the archdiocese of Dublin and the diocese of Cloyne.

The QIL inquiry hearings are held in the same building as the regulator’s ongoing probe into the now-defunct Irish Nationwide Building Society.

Irish Independent

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