Industry Funding Levy Information for Life, Non-Life and Reinsurance Undertakings

B1 - Life insurance undertakings with Irish head office 

B4 - Non life undertakings with Irish head office

B7 - Reinsurance undertakings with Irish head office

B8 - Branch in the State of a Third country insurance undertaking

Each of the above institutions shall be liable to pay the levy contribution corresponding to its impact category as set out in Table 1 below:

Table 1 – (Re)Insurance Undertakings authorised in Ireland

 

Levy payable per Impact Category

(Re)Insurance Undertakings

Ultra High

High

Medium High

Medium Low

Low

B1

Life Insurance undertakings as defined under the EU (Insurance and Reinsurance) Regulations 2015 with an Irish head office 

 

 

 

 

 

 

 

 

 

 

 

 

€4,393,100

 

 

 

 

 

 

 

 

 

 

 

 

€1,993,369

 

 

 

 

 

 

 

 

 

 

 

 

€455,784

 

 

 

 

 

 

 

 

 

 

 

 

€90,608

 

 

 

 

 

 

 

 

 

 

 

 

€28,147

B4

Non-life insurance undertakings as defined under the EU (Insurance and Reinsurance) Regulations 2015 with an Irish head office 
B7 Reinsurance undertakings as defined under the EU (Insurance and Reinsurance) Regulations 2015 with an Irish head office

B8

 Branch in the State of a Third country insurance undertaking as defined under the EU (Insurance and Reinsurance) Regulations 2015 

B2 - Life insurance undertakings authorised in another EEA state which have established a branch in Ireland 

B3 - Life insurance undertakings authorised in another EEA state operating in Ireland on a Freedom of Service basis

B5a - Non life undertakings authorised in another EEA state which have established a branch in Ireland writing motor insurance     

B5b - Non life insurance undertakings authorised in another EEA state which have established a branch in Ireland that are not included in B5a

B6 - Non life insurance undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis

Each of the above institutions shall be liable to pay the levy contribution corresponding to its business model as set out in Table 2 below:

Table 2 – Insurance Undertakings authorised in another EEA state

 

Gross Written Premium on Irish risk business or Flat Rate Levy

Insurance Undertakings authorised in another EEA state

GWP > €100m

GWP €0-€100m

GWP >€50m

GWP €0m-€50m

Flat Levy

B2

Life insurance undertakings authorised in another EEA state which have established a branch in Ireland

€227,892

€21,110

N/A

N/A

N/A

B3

Life insurance undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis*

N/A

N/A

N/A

N/A

€21,110

B5a

Non life insurance undertakings authorised in another EEA state which have established a branch in Ireland writing motor insurance

N/A

N/A

€227,892

€45,304

N/A

B5b

Non life insurance undertakings authorised in another EEA state which have established a branch in Ireland not included in B5a

N/A

N/A

N/A

N/A

€21,110

B6

Non life insurance undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis*

N/A

N/A

N/A

N/A

€21,110
*As insurance undertakings operating in Ireland on a Freedom of Services basis may write Irish risk business, they will be subject to a levy designed to contribute towards the cost of consumer protection regulation.  The amount of such levy is as set out in Table 2 above.

Click here to read more on the annual levying process.

B9 – Special Purpose Reinsurance Vehicles

Special purpose reinsurance vehicle (SPRV) is a “special purpose vehicle” as defined under the EU (Insurance and Reinsurance) Regulations 2015.  Each SPRV shall be liable to pay the levy contribution corresponding to its business model as set out in Table 3 below:

  Table 3 : Special Purpose Reinsurance Vehicles  
    Minimum Levy plus Contribution per Arrangement on a pro rata basis with respect to the number of days of the levy period during which the Special Purpose Reinsurance Vehicle or arrangement were approved
  Special Purpose Reinsurance Vehicles (SPRV)  Levy
B9 Special Purpose Reinsurance Vehicles shall pay a minimum levy equivalent to 50% of that applied to Low impact undertakings in Category B (Insurance/ reinsurance undertakings authorised in Ireland) in respect of single and multiple arrangements.   €14,073
  Second and subsequent Special Purpose Reinsurance Vehicle arrangements shall be subject to a levy equivalent to one-third of the minimum levy payable in respect of single and multiple arrangements.  €4,691 per arrangement

Click here to see the Introduction to the Industry Funding Levy's page.