Oireachtas Joint and Select Committees
Wednesday, 3 July 2024
Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
Motor Insurance Insolvency Compensation Bill 2024: Committee Stage
1:30 pm
Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source
It is covered, so there will be no change. To clarify, the existing levies are 2% at the minute in terms of the motor insurance compensation fund. We also have the Quinn Direct Insurance levy, which will run out after a period of time, when we have paid back €800 million or something like that. It is a crazy amount of money. If the Minister of State has the data, how many more years will the Quinn Direct levy last for? Regarding the other levy, it is at 2% until it reaches €150 million, it then goes down to 1% until it reaches €200 million and then stops. That is my understanding.
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