Michael McGrath (Cork South Central, Fianna Fail)

I ask about the mechanics of how the levy will be implemented. I note under this section that the Central Bank determines the levy to be placed on insurers and notifies them of same. When is it intended this levy will take effect and what will be the relevant valuation date and payment date? Will it come into force in 2012? Any details the Minister can provide would be helpful.

The levy is being imposed on the insurance companies. Is it accepted that this levy will be automatically passed on to policyholders as a 2% levy? What discussions, if any, has the Minister had with the industry regarding the levy? Has the industry confirmed it will be automatically passed on to policyholders? Has there been any change of thinking as regards the existing 3% stamp duty? Is the Minister proposing any changes in that regard?

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