INSURANCE LEVY

The government is having problems coming up with a formula for the upcoming levy on insurance policies required to raise the €600m to ensure the solvency of Quinn Insurance, according to The Sunday Business Post.

The money will be paid from the Insurance Compensation Fund but finance minister Michael Noonan has told the Dáil “particular difficulties have emerged in relation to applying the levy to the health insurance sector, because a significant portion of this is held by the VHI, which is not regulated by the Central Bank, the body which will impose the new levy”.

It remains unclear, therefore, if the levy will apply to health insurance as well as general insurance policies.