Marie O'Halloran Thu, Jul 12, 2018, 22:11 Irish Times

Insurance policies to be hit with 2% levy for next seven years

Dáil passes Bill aiming to deal with outstanding claims from Setanta Insurance collapse

A 2 per cent levy is to be added to insurance policies to provide funds for use in the event of insurance company collapses.

The Insurance (Amendment) Bill will deal with outstanding claims from the collapse in 2014 of Setanta Insurance.

The Bill provides for the transfer of the Insurance Compensation Fund to the Central Bank and will create a Motor Insurers Insolvency Compensation Fund to make provision for any future failures.

The Dáil heard the legislation anticipates the levy being in place for at least...

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