On 27 March, the Central Bank published a consultation paper seeking submissions from interested parties on its new methodology for calculating the industry funding levy. For levying purposes, the consultation paper proposes differentiating EEA insurers into three distinct categories.
Click here to view table.
Currently, only EEA insurers operating in Ireland on a freedom of establishment basis are invoiced by the Central Bank, however, invoicing will now extend to EEA insurers operating by way of freedom of service, if they belong to category 1 or 2. As the PRISM categories may no longer form the basis of levying, a further revision to the levy methodology for EEA insurers is likely to be proposed in the second half of this year, when the Central Bank issues a consultation to introduce revised levying of Irish insurance companies.
The deadline for making submissions is 28 April 2017. Interested parties are advised not to include commercially sensitive information in their submissions as the Central Bank intends to publish submissions received by it on the Central Bank website.
The Central Bank's press release is available here.
The Central Bank's Consultation Paper on Funding Levies is here.