Simon Harris (Wicklow, Fine Gael) | Oireachtas source

As Members will be aware from the debate on Second Stage, the main purpose of the Bill is to specify the amount of premium to be paid from the risk equalisation fund in respect of age, gender and level of cover from 1 April 2017 and to revise the stamp duty levels required to fund the proposed risk equalisation credits. The Bill makes two changes to the operation of the scheme. It sets a new benchmark for reasonable profit based on return on sales and also provides for a limit on the total amount of credits that can be provided for insurers under the scheme. This is to ensure it will only compensate for higher costs arising from the differences in risk between insurers. It clarifies when a health insurer may withdraw a product from the market and ensures consumers will be offered a replacement product with at least the same level of benefits.