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15th of May 2012

Captives exempt from 2% levy

Vicky Beckett 24/11/2011

Captives will be exempt from a new levy on Irish risks from 1 January 2012.

Under the Insurance (Amendment) Act 2011 in 2(c)(b) all non-life contracts of insurance will be charged on risks located in Ireland, to help finance the insurance compensations fund.

Companies insuring Irish risks will be charged 2% of gross premium received and will be due on all premiums paid from the beginning of the year onwards.

It excludes captive insurance and reinsurance in undertakings from the compensation scheme.

Sarah Goddard, CEO of the Dublin International and Insurance Management Association, said: “This legislation was developed by the Irish Department of Finance, and I would not like to second guess their reasons for excluding captives.

“However, it seems logical that a policyholder who is the owner of the insurance entity be excluded from accessing such a scheme from the perspective that the parent company is not able claim against a compensation fund in the circumstance that captive insurance subsidiary has failed.”

Exemptions are also available to marine, aviation and transport insurance, accident (class 1) and motor vehicle liability (class 10), in relation to covering passengers in marine or aviation vehicles and carrier’s liability, export credit, certain dental and health insurances and reinsurance.

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Philly 09/12/2011 10:37am

I hate my life but at least this makes it beaarble.

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