RSA Directors Suspended

delthedriver

http://www.irishtimes.com/business/sectors/financial-services/insurer-rsa-suspends-executives-of-irish-unit-pending-inquiry-1.1589005

Having finished looking at the banks is there a major job to be done in looking at the Insurance Companies?

Kikin

Not to be confused with the Road Safety Authority

hfallada

Ah why? There is very few major insurers in Ireland(most insurance just sell on policies from the large insurers). RSA themselves realise their liquidity ratio was not meeting guidelines and transferee €86 million into the company. What more can the government do? They are already regulated and actually monitored

Fred Swanson

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delthedriver

hfallada wrote: »

Ah why? There is very few major insurers in Ireland(most insurance just sell on policies from the large insurers). RSA themselves realise their liquidity ratio was not meeting guidelines and transferee €86 million into the company. What more can the government do? They are already regulated and actually monitored

Sure the banks were regulated and monitored too!

Aew the Insurance Companies now in meltdown?

Fred Swanson

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Kikin

Fred Swanson wrote: »

Hopefully this will mean an end to 123.ie sending unsolicited spam in the mail.

Hopefully it won't mean an end to their low car insurance prices though! Probably will considering their underwriters are having liquidity problems

Kikin

Fred Swanson wrote: »

We will end up bailing them out also. Remember when this happened to Quinn Insurance?

PMPA too

(Yes I'm old)

delthedriver

Kikin wrote: »

PMPA too

(Yes I'm old)

Who is next? Can't do much for the consumer?

Fratton Fred

Fred Swanson wrote: »

We will end up bailing them out also. Remember when this happened to Quinn Insurance?

Different kettle of fish. Quinn had invested their reserves in Anglo and Quinn shares and had no other way of recouping those reserves when those investments became worthless.

RSA Ireland was under reserved, so the group gave it €100m to make sure it's reserves were adequate. From a consumer perspective, that's it, job done.

I would hazard a guess and say the three guys suspended have been because between the three of them it is their job to make sure reserving is correct, so they are under internal investigation.

delthedriver

Fred Swanson wrote: »

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+1 And get rid of those annoying radio ads!:)

delthedriver

Fratton Fred wrote: »

Different kettle of fish. Quinn had invested their reserves in Anglo and Quinn shares and had no other way of recouping those reserves when those investments became worthless.

RSA Ireland was under reserved, so the group gave it €100m to make sure it's reserves were adequate. From a consumer perspective, that's it, job done.

I would hazard a guess and say the three guys suspended have been because between the three of them it is their job to make sure reserving is correct, so they are under internal investigation.

Quinn may have been more successful investing in a race horse?

delthedriver

Kikin wrote: »

Hopefully it won't mean an end to their low car insurance prices though! Probably will considering their underwriters are having liquidity problems

Probably a great excuse for Insurers now to raise their prices across the board. 9/11 was a great excuse in the past, though over the last few years it has been a race to the bottom in terms of prices . Too many Insurers in a small market with too few customers?

RSA may not be the only Insurers feeling the pinch.

At the end of the day it will be the punters who will get screwed over again

delthedriver

I would hazard a guess and say the three guys suspended have been because between the three of them it is their job to make sure reserving is correct, so they are under internal investigation.

Fred, Think you hit the nail on the head!

Guess they will be pursuing other business interests fairly soon!

How many more are likely to follow???????????

delthedriver

Kikin wrote: »

PMPA too

(Yes I'm old)

What ever became of them?

Fred Swanson

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Fred Swanson

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delthedriver

Surely the deficit was spotted long ago? What accounts have they been showing to the Regulator all along.

Has a hint of the Banks , :rolleyes:

keeponhurling

Hadn't heard about the Professional Mickey Pullers Association for a while, they became Axa??

Fred Swanson

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MadsL

Interesting - the Data Protection Commissioner is still trying to get a proper response from them with regard to my complaint about them basing insurance on this question which is in breach of the Data Protection Acts.

Within the last 3 years how long have you lived in Ireland and/or the UK?

Fred Swanson

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MadsL

estimated the group’s 2013 operating result would be £70 million (€83.9 million) lower than current market expectations.

Mis-stating revenue for a publicly traded company is a little bit more than a paddling. Jail time is a real possibility here.

MadsL

Fred Swanson wrote: »

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Which ones?

Fred Swanson

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MadsL

Fred Swanson wrote: »

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Can't see that on the website, they are just a broker anyway. That's more to do with offering spouse on your insurance at a discount, rather than increasing your premium for daring to go work overseas for a few years.

Howjoe1

Who are their external auditors?

MadsL

Howjoe1 wrote: »

Who are their external auditors?

Good question. Probably one of the big boys - wouldn't be the first time blind eyes have been turned.

mathepac

Kikin wrote: »

PMPA too ...

My old man bought a policy from Joe Moore. Protection is right. Protection rackets in the North and in America were straighter operations.

Remember Insurance Corporation Ireland, ICI? AIB bought them and there was a big deep hole in the balance sheet which the tax-payers filled. No-one asked us, we were just told. I think it was the first (or the second) insurance levy.

Frankie Lee

MadsL wrote: »

Mis-stating revenue for a publicly traded company is a little bit more than a paddling. Jail time is a real possibility here.

Hardly, this is Ireland.

MadsL

Frankie Lee wrote: »

Hardly, this is Ireland.

And a UK company...

Billy86

Fred Swanson wrote: »

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If you are married (or cohabiting) and the OH has a clean, Irish licence and driving record they will almost guaranteed bring the cost of your insurance down, not up.

MadsL wrote: »

Interesting - the Data Protection Commissioner is still trying to get a proper response from them with regard to my complaint about them basing insurance on this question which is in breach of the Data Protection Acts.

It's to ascertain whether or not you had any accidents of claims while living abroad (if insured). Though yes, one company I previously worked for increased the cost of motor policies if you have lived outside Ireland in the last 2 years. AND they told us to never tell that to the customer... very fishy.

Though if you are still residing outside the Republic, standard insurance policies won't cover you by industry guidelines. I always thought that was kind of stupid regarding car insurance (so long as the car was kept in Ireland, or at least for the policy to be active), but sadly it is what it is. Different for home insurance mind, although you couldn't list it as an owner-occupied address (you could as a holiday home, though).

MadsL

Billy86 wrote: »

It's to ascertain whether or not you had any accidents of claims while living abroad (if insured).

Regardless it is a breach of data protection legislation to ask question not related to driving.

Though yes, one company I previously worked for increased the cost of motor policies if you have lived outside Ireland in the last 2 years. AND they told us to never tell that to the customer... very fishy.

Blatant discriminatory tactic.

Billy86

MadsL wrote: »

Billy86 wrote: »

It's to ascertain whether or not you had any accidents of claims while living abroad (if insured).

Regardless it is a breach of data protection legislation to ask question not related to driving.

Like I said, it's a grey area but there are other questions asked such as "have you ever been convicted of a criminal or non-motoring offense, been disqualified from driving, blah blah blah".

There are a few things unrelated to driving that impact the cost of a policy, among them being non-physical disabilities/illnesses (e.g. depression), where you live (as in where the vehicle is kept overnight), and also your occupation (interestingly the cost of insurance goes UP for mechanics, and for people who work in insurance!).

It's a standard question in scripting across much of the industry (everywhere I've worked, but I can't say everywhere full stop), but by and large I have no bloody clue why they ask it outside of checking if there were any claims in those countries.

Blatant discriminatory tactic.

Well at least we know it wasn't that crowd.

delthedriver

Billy86 wrote: »

MadsL wrote: »

Like I said, it's a grey area but there are other questions asked such as "have you ever been convicted of a criminal or non-motoring offense, been disqualified from driving, blah blah blah".

There are a few things unrelated to driving that impact the cost of a policy, among them being non-physical disabilities/illnesses (e.g. depression), where you live (as in where the vehicle is kept overnight), and also your occupation (interestingly the cost of insurance goes UP for mechanics, and for people who work in insurance!).

It's a standard question in scripting across much of the industry (everywhere I've worked, but I can't say everywhere full stop), but by and large I have no bloody clue why they ask it outside of checking if there were any claims in those countries.


Well at least we know it wasn't that crowd.

Depression?

Billy86

delthedriver wrote: »

Depression?

Yeah it's an odd one, but they claim it increases the risk of you doing something crazy behind the wheel (a bit backwards in my opinion, but there you go!). Typically it doesn't impact your policy or premium, but a lot of companies will request a GP/psychiatrist/etc letter stating you are fit to drive.

delthedriver

http://www.independent.ie/business/irish/rsa-insurance-shares-fall-to-nine-year-lows-on-irish-probe-29743666.html


Serious implications ,RSA shares fall to nine year low!

Are other Insurers likely to be involved in such practice??????

delthedriver

Billy86 wrote: »

Yeah it's an odd one, but they claim it increases the risk of you doing something crazy behind the wheel (a bit backwards in my opinion, but there you go!). Typically it doesn't impact your policy or premium, but a lot of companies will request a GP/psychiatrist/etc letter stating you are fit to drive.

Given 1 in 4 people suffer from Depression, that is a lot of Psychiatrists letters!

MadsL

delthedriver wrote: »

http://www.independent.ie/business/irish/rsa-insurance-shares-fall-to-nine-year-lows-on-irish-probe-29743666.html


RSA shares fall to nine year low!

Good.

Billy86

delthedriver wrote: »

Given 1 in 4 people suffer from Depression, that is a lot of Psychiatrists letters!

Yep. Like I said, it's pretty ass-backwards. If you don't tell them it won't affect your policy or any claims 99.9% of the time, so long as the claim doesn't involve anything to do with said depression or erratic behaviour.

delthedriver

Billy86 wrote: »

Yep. Like I said, it's pretty ass-backwards. If you don't tell them it won't affect your policy or any claims 99.9% of the time, so long as the claim doesn't involve anything to do with said depression or erratic behaviour.

Erratic behaviour in RSA !!!!:)

Guess the Regulator will need to double check the Accounts of all the Insurers.????

Filibuster

I see the external auditors jumped ship before they had to give an opinion.

delthedriver

MadsL wrote: »

Good.

Yeah , Good time to buy!:)

Fred Swanson

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MadsL

Filibuster wrote: »

I see the external auditors jumped ship before they had to give an opinion.

Who are they?

delthedriver

MadsL wrote: »

Who are they?

Not sure, one of the usual suspects I guess?

Uberrima Fides, aka Utmost Good Faith, signing off on dodgy accounts:rolleyes: What else is going on in that business?

Who are these Directors? Do they know anything about Insurance?

So when we are finished with the Banking Inquiry, we can be then entertained by The Insurance Inquiry.

Not helping prospective Investors to invest in Ireland:mad:

Billy86

delthedriver wrote: »

So when we are finished with the Banking Inquiry, we can be then entertained by The Insurance Inquiry.

The insurance industry makes the banking industry look like a bunch of squeaky-clean saints. Not just many upper management types in it, but even the very structures, rules and regulations of the industry itself.

take everything

delthedriver wrote: »

http://www.independent.ie/business/irish/rsa-insurance-shares-fall-to-nine-year-lows-on-irish-probe-29743666.html


Serious implications ,RSA shares fall to nine year low!

Yet again our financial geniuses are world-beaters when it comes to fcuking businesses up.
Kinda makes you proud in a way.

MadsL

Billy86 wrote: »

The insurance industry makes the banking industry look like a bunch of squeaky-clean saints. Not just many upper management types in it, but even the very structures, rules and regulations of the industry itself.

Yep. I have a long standing email exchanges with the data protection commissioner's office about each attempt to try and determine a premium based on non-driving factors.

delthedriver

Billy86 wrote: »

The insurance industry makes the banking industry look like a bunch of squeaky-clean saints. Not just many upper management types in it, but even the very structures, rules and regulations of the industry itself.

Interesting, however the messing in RSA Ireland , which is the same size as the market in Manchester caused the share price to plunge by 17%.

Are you convinced the Insurance Industry adheres to the rules and regulations? Are the Senior Personnel any different to the bods in the Banking sector?

Ireland really giving the impression that nobody here can manage to string the necessary competence together to run any sort of financial institution.