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:
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Table 1 – (Re)Insurance Undertakings authorised in Ireland
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Levy payable per Impact Category
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(Re)Insurance Undertakings
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Ultra High
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High
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Medium High
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Medium Low
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Low
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B1
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Life Insurance undertakings as defined under the EU (Insurance and Reinsurance) Regulations 2015with an Irish head office
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€4,393,100
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€1,993,369
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€455,784
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€90,608
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€28,147
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B4
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Non-life insurance undertakings as defined under the EU (Insurance and Reinsurance) Regulations 2015with an Irish head office |
| B7 |
Reinsurance undertakings as defined under the EU (Insurance and Reinsurance) Regulations 2015 with an Irish head office
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B8
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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:
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Table 2 – Insurance Undertakings authorised in another EEA state
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Gross Written Premium on Irish risk business or Flat Rate Levy
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Insurance Undertakings authorised in another EEA state
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GWP > €100m
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GWP €0-€100m
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GWP >€50m
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GWP €0m-€50m
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Flat Levy
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B2
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Life insurance undertakings authorised in another EEA state which have established a branch in Ireland
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€227,892
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€21,110
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N/A
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N/A
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N/A
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B3
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Life insurance undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis*
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N/A
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N/A
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N/A
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N/A
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€21,110
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B5a
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Non life insurance undertakings authorised in another EEA state which have established a branch in Ireland writing motor insurance
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N/A
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N/A
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€227,892
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€45,304
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N/A
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B5b
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Non life insurance undertakings authorised in another EEA state which have established a branch in Ireland not included in B5a
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N/A
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N/A
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N/A
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N/A
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€21,110
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B6
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Non life insurance undertakings authorised in another EEA state operating in Ireland on a Freedom of Services basis*
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N/A
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N/A
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N/A
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N/A
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€21,110
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*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:
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Table 3 : Special Purpose Reinsurance Vehicles |
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Minimum Levy plus Contribution per Arrangement |
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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 |
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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 read more on the annual levying process.