Michael McGrath (Cork South Central, Fianna Fail)
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Question 50: To ask the Minister for Finance when he expects the 2% levy on insurance policies to be implemented once the Insurance (Amendment) Bill 2011 is signed into law; and if he will make a statement on the matter. [28029/11]

Michael Noonan (Limerick City, Fine Gael)
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The Insurance (Amendment) Bill 2011 was signed into law on the 30 of September by the President. The Deputy should note that it is the Central Bank which is responsible for determining the commencement date of the 2% levy on insurance policies under Section 6 of the 1964 Insurance Act as amended by the Insurance (Amendment) Act 2011. I understand that the Bank will shortly publish a notice on its website and will also write out to each insurer which it believes will be required to pay the levy to inform them of their obligation to pay. The Bank has not yet decided what type of notice it will provide to companies but it is unlikely to be less than 60 days. Consequently the levy will commence later this year or at the start of 2012.