The Central Bank Act 1942 (Section 32D) Regulations
2018 came into operation on 26 October 2018.
The Regulations set out the 2018 framework for payment of the
annual Industry Funding Levy by regulated financial services
providers to the Central Bank and the basis on which the levy will
be calculated.
Under the Regulations, the target recovery rate for insurance
undertakings will increase from 65% to 80% and the recovery rate
for retail intermediaries will increase from 50% to 65% in 2018
with further increases intended in the next levy cycle. Category B2
EEA branches operating in Ireland on a freedom of establishment
basis will now need to fund the equivalent of 50% of the levy
applicable to medium impact insurance undertakings as compared to
25% in 2017.
