ECB opinion likely to lead to further levies on insurers
The European Central Bank (ECB) has today published its opinion in response to a request from the Irish Government in relation to the provisions of the Judicial Council (Amendment) Bill 2021.
The purpose of the Bill is to allow the Central Bank of Ireland (CBI) to report the effects of the Personal Injuries Guidelines adopted by the Judicial Council on the cost of insurance.
The ECB opinion is likely to lead to the inclusion of provisions in the Bill to allow the CBI impose a dedicated levy on insurers to defray the expenses incurred by the CBI in collecting, managing and analysing that information. Gathering and analysing that information is part of the CBI’s work on ascertaining whether reductions in personal injury awards and the corresponding impact on the costs of claims are being passed on by insurers to policyholders.