Industry Funding Levy Information for Life, Non Life and Reinsurance Undertakings
B1 - Life undertakings with Irish head office and life insurance undertakings authorised in another non-EEA state operating in Ireland
B4 - Non life undertakings with Irish head office
B7 - Reinsurance undertakings with Irish head office
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 – Insurance Undertakings with Irish head offices
|
|
Levy payable per Impact Category
|
Insurance Undertakings
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
B1
|
Life undertakings with Irish head office and life insurance undertakings authorised in another non-EEA state operating in Ireland
|
€4,244,931
|
€1,926,137
|
€440,412
|
€87,552
|
€27,197
|
B4
|
Non-life undertakings with Irish head office
|
B7
|
Reinsurance undertakings with Irish head office
|
B2 - Life undertakings authorised in another EEA state operating in Ireland on a branch basis
B3 - Life undertakings authorised in another EEA state operating in Ireland on a cross border basis
B5a - Non life undertakings authorised in another EEA state operating in Ireland on a branch basis that write motor insurance in Ireland
B5b - Non life undertakings authorised in another EEA state operating in Ireland on a branch basis that are not included in B5a
B6 - Non life undertakings authorised in another EEA state operating in Ireland on a cross border 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
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|
Gross Written Premium on Irish risk business or Flat Rate Levy
|
Insurance Branches authorised in another EEA state
|
GWP > €100m
|
GWP €0-€100m
|
GWP >€50m
|
GWP €0m-€50m
|
Flat Levy
|
B2
|
Life undertakings authorised in another EEA state operating in Ireland on a branch basis
|
€220,206
|
€20,398
|
N/A
|
N/A
|
N/A
|
B3
|
Life undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis*
|
N/A
|
N/A
|
N/A
|
N/A
|
€20,398
|
B5a
|
Non life insurance undertakings authorised in another EEA state operating in Ireland on a branch basis that write motor insurance in Ireland
|
N/A
|
N/A
|
€220,206
|
€43,776
|
N/A
|
B5b
|
Non life insurance undertakings authorised in another EEA state operating in Ireland on a branch basis that is not included in B5a
|
N/A
|
N/A
|
N/A
|
N/A
|
€20,398
|
B6
|
Non life undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis*
|
N/A
|
N/A
|
N/A
|
N/A
|
€20,398
|
*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.