The new levy tax of 2% on all non-life insurance polcies except health, marine, aviation, cargo and re-insurance risks comes into affect on 1st January 2012. This new charge is to be added to the existing Irish insurance premium taxes.
The funds raised from this new levy are to pay for the losses from Quinn Insurance, which went into administration in 2010.
This will mean companies will be paying more for their professional indemnity insurance and public liability insurance from the beginning of 2012.
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