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Updated: 16:08, Thursday, 13 May 2010
The pricing level of Quinn Insurance for its UK business was too low to meet potential claims, according to the Financial Regulator.
Matthew Elderfield told the Public Accounts Committee he was able to authorise the reopening of the motor insurance element of the business in the UK market only after adjustments were made to the pricing levels by the administrators.
The administrators have made new proposals about Quinn Insurance commercial lines in the UK and these are now being considered.
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