The Financial Regulator has modified the restrictions placed on Quinn Insurance Ltd (QIL) last month that prevented it from issuing new motor insurance cover in the UK.
The regulator said today it would allow the firm to write new insurance cover for provisional licence holdersin the United Kingdom, including Northern Ireland. The office said it had taken the decision after "careful consideration and analysis" of information provided by the administrators of QIL and consulted the UK's Financial Services Authority.
The statement from the regulator indicated that there had been improvements in the company's underwriting model and "significant" strengthening of its pricing structure.
The company was prevented from writing new business in the UK after the regulator expressed concerns about the financial position of the company, particularly in relation to its solvency, and sought to have the business placed in administration to protect Quinn's customers.
Workers have protested the decision, and said the insurance business was losing €1.5 million a day as a result of the suspension.
The Quinn Group last week withdrew its opposition to the appointment of permanent administrators to the insurer. The regulator and the insurer said the move was in the best interests of 1.3 million policyholders.