Oireachtas Joint and Select Committees
Thursday, 20 April 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed)
9:30 am
Brian Stanley (Laois-Offaly, Sinn Fein)
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Their balance sheets are fairly healthy at the moment. Their profits are up healthily in the past six months.
I want to go back to the issue of the levy. There is a 2% levy in place, and there is a substantial amount to be paid off. How long more will that levy on insurance policyholders need to remain in place? That levy is used to fill the gaps left by insurance companies going into liquidation. Is it likely to remain in place for another five or ten years, for example? What is the future of the levy?