Bupa Ireland today said it may consider remaining in the Irish health insurance market if a "reasonable proposal" was put to it by Government.
Just five days after announcing it intended to cease operating in the State in protest at the Government's risk equalisation plan, the insurer said it is willing to discuss with Government any proposal that would allow it to make a modest return and pay its statutory solvency requirements.
"A proportionate payment is all we want," a spokesman told ireland.com. "We fought hard to bring competition to the market, and we are willing to discuss any way that we can stay here," he added.
Last week Bupa claimed risk equalisation - the process whereby Bupa must compensate the VHI for the latter's older client base - was costing €1 million every week and making its operations in this State unviable.
In response, the Government said today it did not want Bupa to leave the market.
A statement issued through the Department of Health said: "We are committed to the principles of community rating supported by risk equalisation in order to make health insurance affordable to all.
"We are always open to discussions with anyone who wants to compete in this community rated market."
Up to 300 employees of Bupa Ireland - mainly based in Fermoy, Co Cork - will likely lose their jobs if the company leaves the market.
Over 100 Bupa employees today protested outside a meeting between Minister for Enterprise, Trade and Employment Micheál Martin and local politicians in Fermoy that was convened to discuss the matter.
