Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

I move amendment No. 2:

In page 8, between lines 29 and 30, to insert the following:

“(c) where a relevant contract is paid by instalments during the course of a policy year then the specified rate shall also be paid proportionately throughout said policy year.”.

One of the problems with the levy is the fact the full levy is payable the moment a person pays the first premium, even if they cancel it afterwards, but the credits are paid on a monthly basis. That is why we tabled the amendment. There is a concern in that the levy was previously going to Revenue. While I accept there would be challenges in terms of cash flow and administration, I decided I would table the amendment in order to raise the issue that people pay the levy upfront but the credits are paid in monthly instalments. I am looking for observations on why that is the case and whether there would be administrative difficulties in addressing it.