Vol. 543 No. 2
156 Mr. G. Mitchell asked the Tánaiste and Minister for Enterprise, Trade and Employment the amount of moneys raised by the levy on insurance premiums for each year of its operation; the payments dispersed in each of those years; the amount of the residue for each year; the plans she has to alter the scheme; and if she will make a statement on the matter. [26717/01]
The insurance compensation fund levy was introduced on 1 January 1984 following the collapse of PMPA in 1983. The levy ceased to apply from 1 January 1993 as it was felt that sufficient funds had been collected to enable the successful completion of the administration of Primor plc, formerly known as PMPA Insurance plc.
Yearly details of the amounts raised from the levy, payments made to the administrator of Primor plc and the resulting year end balances are listed in the following table:
|
Year |
1Amounts raised by the Insurance Compensation Levy |
2Payments made to the Administrator of Primor plc |
Balance(column 1 minus column 2) |
|
£ |
£ |
£ |
|
|
1984 |
8,383,808 |
29,750,000 |
(21,366,192) |
|
1985 |
14,030,268 |
18,000,000 |
(3,969,732) |
|
1986 |
15,167,407 |
5,000,000 |
(10,167,407) |
|
1987 |
16,362,630 |
15,000,000 |
1,362,630 |
|
1988 |
17,078,008 |
13,000,000 |
4,078,008 |
|
1989 |
17,730,458 |
5,500,000 |
12,230,458 |
|
1990 |
19,007,494 |
7,000,000 |
12,007,494 |
|
1991 |
21,724,315 |
14,000,000 |
7,724,315 |
|
1992 |
14,388,733 |
8,000,000 |
6,388,733 |
|
1993 |
2,851,008 |
3,000,000 |
(148,992) |
|
1994 |
1,250 |
0 |
1,250 |
