Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 09 NOVEMBER 2011

New Insurance Levy

Matheson
Explore more from Matheson

The Insurance (Amendment) Act 2011 which has been signed into law will amend the Insurance Act 1964 and effect changes to the Insurance Compensation Fund (ICF).

IrelandInsurance
Darren Maher
Darren Maher
Sharon Daly
Sharon Daly
Author LinkedIn connections

The Insurance (Amendment) Act 2011 which has been signed into law will amend the Insurance Act 1964 and effect changes to the Insurance Compensation Fund (ICF).

The primary purpose of the legislation is to establish a levy in order to fund losses of Quinn Insurance. The Bill includes measures to:

  • extend the scope of the Insurance Compensation Fund to cover all insured risk in the State
  • to apply a levy of up to 2 per cent to all non-life insurance policies
  • to remove the policy holder protection provision for international business in a liquidation situation
  • to provide the following enactment funding for administration purposes for the ICF will only be available to companies who conduct a significant percentage of their overall business in the Irish market. Significant will be defined as 70 per cent averaged over the previous 3 years.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Central Bank Publishes First Intermediary Newsletter Of 2026

The Central Bank of Ireland has published its first Investment Firm and Intermediary Newsletter for 2026, revealing critical regulatory updates and supervisory priorities for Irish (re)insurance intermediaries. The newsletter addresses sector mapping initiatives, commission disclosure practices, complaints handling procedures, and significant changes to intermediary authorisation requirements that firms must navigate.
IrelandInsurance
William Fry LLP
William Fry LLP
Article

Insurance Quarterly Legal And Regulatory Update: 1 January 2026 – 31 March 2026

This quarterly update examines critical regulatory developments affecting the insurance sector from October to December 2025, including ESG stress testing guidelines, private equity supervision frameworks, and the advancement of the Savings and Investments Union. The document analyzes EIOPA's strategic priorities through 2030, implementation of the Insurance Recovery and Resolution Directive, and evolving AML/CFT requirements under the new AMLA framework.
IrelandInsurance
Dillon Eustace
Dillon Eustace
Article

Solvency II Reform: Key Changes

The Solvency II Directive has undergone comprehensive reform through Directive EU 2025/2, introducing significant changes across capital requirements, reporting obligations, and supervisory frameworks. These amendments shift the regime toward a more proportionate and risk-sensitive approach while maintaining policyholder protection. With Member States required to transpose these changes by January 2027, insurers and reinsurers must prepare for new rules on proportionality, enhanced governance requirements,
IrelandInsurance
William Fry LLP
William Fry LLP
Article

Warranty And Indemnity Insurance: A Strategic Tool In Irish M&A

Warranty and indemnity insurance has evolved from a niche product to a standard feature in Irish M&A transactions, fundamentally changing how parties allocate risk in private deals. As insurers expand coverage into emerging areas like cyber risk and ESG disclosures, understanding how this insurance works and when to deploy it has become essential for both buyers and sellers navigating competitive deal processes.
IrelandInsurance
William Fry LLP
William Fry LLP
Article

Central Bank Consults On Revised Domestic Actuarial Regime For Irish (Re)Insurers

The Central Bank of Ireland has launched Consultation Paper 171, proposing significant refinements to its domestic actuarial regime and guidance for insurance and reinsurance undertakings. These changes affect the Head of Actuarial Function role, reserving policies, peer review requirements, and various life and non-life specific elements, with the consultation open for submissions until October 2026.
IrelandInsurance
William Fry LLP
William Fry LLP