Vol. 552 No. 1
251 Mr. Perry asked the Minister for Finance if the 2% insurance levy will be kept in a separate fund governed by legislation and supervised by independent trustees; if it will be managed by an insurance policyholder protection board which would have responsibility for acting on the interests of personal injuries claimants and insured employers in the event of another insurance company collapse; and if he will make a statement on the matter. [11626/02]
A 2% levy, stamp duty, on non-life insurance premiums applies to most categories of non-life insurance business, including car insurance premia. The exceptions are re-insurance, voluntary health insurance, marine, aviation and transit insurance and export credit insurance. The purpose of the levy is to broaden the stamp duty base, thereby raising additional revenue. The proceeds fund the general requirements of the Exchequer and are not and have never been dedicated to any specific purpose. The yield for 2001 was €69.11 million. There are no plans to allocate the proceeds specifically to a separate fund as suggested by the Deputy.
Question No. 252 answered with Question No. 236.
Question No. 253 answered with Question No. 235.
