Alan Dillon (Mayo, Fine Gael) | Oireachtas source

I thank the Minister of State for her response. The importance of the insurance compensation fund lies in its ability to provide a safety net for customers, particularly in the event of unexpected and unforeseeable circumstances such as an insurer's insolvency. In the past we have seen how the ICF has been activated to provide compensation for policyholders of insurers that became insolvent in Ireland. There was Setanta Insurance, a Maltese insurance company and Enterprise Insurance which was from Gibraltar. As the Minister of State referenced, there was also Quinn Insurance. It is important for customers to consider carefully the financial strength and stability of an insurer before purchasing any insurance policy. It is important to stress this.

The outstanding loan referenced is €550 million. The interest being paid on that loan has accrued to approximately €208 million. How long will the 2% levy on insurance companies be passed on to customers? Does the Minister of State expect any reduction in the levy in the near future?

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