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ARTICLE · 13 AUGUST 2019

Insurance Regulatory Update - July 2019

Arthur Cox
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The Central Bank's Consultation Paper on a New Levy Calculation Methodology for Insurers proposed an alternative levy calculation methodology for (re)insurers to the existing PRISM based

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Arthur Cox
Arthur Cox
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Domestic News

JULY 2019

FEEDBACK STATEMENT – CONSULTATION ON NEW LEVY CALCULATION METHODOLOGY FOR INSURERS

The Central Bank’s Consultation Paper on a New Levy Calculation Methodology for Insurers proposed an alternative levy calculation methodology for (re)insurers to the existing PRISM based levy calculation.

Industry approves of the Central Bank’s aim to achieve cost stabilisation; the objective of the proposed methodology to rectify ‘cliff edge’ levy structures which can be a deterrent to growth; and the distinction between unit-linked and other business models within the pricing proposal. However, industry has reservations regarding the timing of the change in view of the Central Bank’s ongoing review of PRISM impact frameworks and the potential for this work to lead to further changes to levy methodologies.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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