Irish Motor Insurance: 2% Levy for 10 Years

TestTransmission

More greats new for the Irish motorist

Businessman Sean Quinn, who earlier this week accused Anglo Irish Bank of pursuing a vendetta against him and destroying his lifetime’s work, has left families and businesses paying a high price for his reckless gambles on the bank’s share price.

Irish policyholders will have to fork out as much as €400m extra for the 2pc Quinn Insurance levy.

The news comes almost six months after the administrators of Quinn Insurance announced the Cavan insurer's resolution would trigger a call of about €600m on the Insurance Compensation Fund.

The relevant laws appeared to give the Finance Minister the ability to raise the levy either through a charge on all non-life insurance policies sold in Ireland, or through a charge on all policies sold by Irish-regulated insurers – insurers doing international business from Ireland escape the new 2pc charge

The new levy is expected to raise about €60m a year, based on Irish non-life insurance premiums of about €3bn. It will be raised by a 2pc charge on all non-life business, excluding health insurance.

The bill enabling the charge is expected to complete its passage through the Dail "no later than September 29", clearing the way for the levy to be applied later in the year.

As much as €320m is expected to be demanded from the fund at the end of 2011. There is already €40m in the fund and the remaining €280m will be pre-funded from state cash.

The levy is expected to run for about a decade, giving it a longer life than the PMPA levy, which was charged at a 2pc rate from January 1, 1984, to December 31, 1991, and then at 1pc for 1992.

Source

Stevie Dakota

Run for a decade, a temporary move then, like VRT.

dharn

i think we a re still paying a levy for some other insurance company that went bust years ago it is disgusting

unkel

Thank you, Sean Quinn.

'tis a bit of a joke this chap and all his family still have lots of cash etc when on paper he should have sweet f all. He then has the cheek to try and blame Anglo for ruining his lifetime's work. Greed ruined that Sean old boy, not Anglo.

Del2005

dharn wrote: »

i think we a re still paying a levy for some other insurance company that went bust years ago it is disgusting

We paid off the PMPA debts, but since it was a nice earner they never removed it just reduced it. How come this money isn't available?

alexmcred

Del2005 wrote: »

We paid off the PMPA debts, but since it was a nice earner they never removed it just reduced it. How come this money isn't available?

Thats exactly what I would like to know

Robbo

And there's still people in the border regions who treat Quinn like some form of deity. The greatest bit of PR he ever bought was that bit about "only playing 25 in the local for penny stakes".

listermint

Well if anyone actually cares about this being pushed through you will actually get on board and show the ministers office how sick of this crap you are.

I urge everyone to write up an email and send it to any or all of the contact email addressed below. Let any other motoring forums you are affiliated with know about this too. Cos we will be stuck with this for evermore, business as per usual here while the quinns pilfer away all their assets into some untouchable corporation.

Come on lads, if the Facebook and Twitter can ignite revolution in Arab states, surely we can at least let our opinion be heard by the minister or ministers department!

michael.noonan@oir.ie

minister@finance.gov.ie

michael.noonan@oireachtas.irlgov.ie



Sitting by and not saying anything is useless.

opinion guy

So is there any way to challenge this legally ?

MugMugs

And like the good boys & girls we are, we will bend over and take it.

scholar007

Robbo wrote: »

The greatest bit of PR he ever bought was that bit about "only playing 25 in the local for penny stakes".

Then Quinn decided to go for the big time in the most famous casino ever, Anglo.

50cent on a hand of cards in the pub wasn't enough any more so he decided to play for billions of euro with Anglo and as we all know, the house always wins and we all lost with the two Seanies - Quinn & Fitzpatrick.

listermint

Well ive sent off my email of disgust at the proposal. I hope others will follow suit. It will take you 2 minutes to put something together, let them know you are not happy with the notion.

furtzy

Mail sent to the Minister....hopefully more will do the same

listermint

323 Views.... Do you reckon we got 323 emails?

Doubt it! Apathetic Public - The government have free reign here :rolleyes:

Atlantic Dawn

Their insurance business was taken over earlier this year, how do you make a commercial decision to buy a basket case company which was in ruins and then within a couple of months get the government to have a levy set aside so it can stay afloat.

ART6

Email written and sent (while avoiding with great difficulty becoming abusive!). Sadly we have simply replaced one group of political liars and pickpockets with another one.

Absurdum

Poor Sean, all he wanted was to make a few billion more.

MrFrisp

MugMugs wrote: »

And like the good boys & girls we are, we will bend over and take it.

+1...

A guy chatting on 4FM earlier was saying he was just back from Greece...

He said that over the the Greeks can't understand why the Irish don't stand up for themselves and say,or do something.

And,,he's right....So frustrating....:mad:

ART6

I have just received this reply. Should I be holding my breath?

"I acknowledge receipt of your email.
Your correspondence will be brought to the attention of Mr. Michael Noonan TD, Minister for Finance and to the relevant officials in the Department.
If the content of your correspondence relates to the functions of the Minister for Public Expenditure and Reform, Mr Brendan Howlin TD, it will be brought to his attention.

Yours sincerely
Sean Kinsella

Private Secretary to the Minister for Finance"

amacachi

SexyGuy wrote: »

He said that over the the Greeks can't understand why the Irish don't stand up for themselves and say,or do something.

How's that working out for them?

listermint

ART6 wrote: »

I have just received this reply. Should I be holding my breath?

"I acknowledge receipt of your email.
Your correspondence will be brought to the attention of Mr. Michael Noonan TD, Minister for Finance and to the relevant officials in the Department.
If the content of your correspondence relates to the functions of the Minister for Public Expenditure and Reform, Mr Brendan Howlin TD, it will be brought to his attention.

Yours sincerely
Sean Kinsella

Private Secretary to the Minister for Finance"

Got the same bread and butter reply, But tbh the more people email the office about this the more it actual becomes an agenda. These types of decisions are entirely in the public hands.

Look at the oul wans who got to keep their medical card. Ministers do not like mass histeria so we should be giving it to them.

There has to be a tipping point. This item will be one of the flag ships of their budget. And i have my doubts the case is even earmarked for the insurance fund. More than likely it will go into leaking caps elsewhere.

listermint

SexyGuy wrote: »

+1...

A guy chatting on 4FM earlier was saying he was just back from Greece...

He said that over the the Greeks can't understand why the Irish don't stand up for themselves and say,or do something.

And,,he's right....So frustrating....:mad:

Its not about 'going greek' Its about pushing the politicians to make the right decisions, we have to make the point. And technology is a fantastic tool to do this with.

Ireland is not nearly as basket as Greece is/was . The greek system is far more overboard than Ireland ever was.

Soarer

SexyGuy wrote: »

+1...

A guy chatting on 4FM earlier was saying he was just back from Greece...

He said that over the the Greeks can't understand why the Irish don't stand up for themselves and say,or do something.

And,,he's right....So frustrating....:mad:

TBH I'd gladly pay a few extra quid a week in tax as opposed to rioting on the streets with people getting killed.

Maybe that's just me though.

opinion guy

listermint wrote: »

Got the same bread and butter reply, But tbh the more people email the office about this the more it actual becomes an agenda. These types of decisions are entirely in the public hands.

Rubbish. I'm not writing an email because I don't believe it will achieve anything other than absorbing some of my time.
The only chance of stopping this is if the other insurance companies challenge it legally....which they probably won't do as they know they could be in the same position at some point

listermint

Soarer wrote: »

TBH I'd gladly pay a few extra quid a week in tax as opposed to rioting on the streets with people getting killed.

Maybe that's just me though.

No ones advocating that really, But why would you pay more money in tax? Where is it going? When will it stop ?

Would you just pay it because Noonan signed it off with his pen?

You should really be asking what this tax is really about, rather than
just accepting it.

listermint

opinion guy wrote: »

Rubbish. I'm not writing an email because I don't believe it will achieve anything other than absorbing some of my time.
The only chance of stopping this is if the other insurance companies challenge it legally....which they probably won't do as they know they could be in the same position at some point

Okay super! so leave it to someone else then ?

Check.

Well done another apathetic punter for Fine Gael.

So your quite prepared to just give out to your mates in the pub then.

opinion guy

listermint wrote: »

Okay super! so leave it to someone else then ?

Check.

Well done another apathetic punter for Fine Gael.

So your quite prepared to just give out to your mates in the pub then.

What is it you think your achieving by having a go at me ?
I believe the Minister will do whatever da f**k he feels like regardless of emails from people like you. I don't believe such 'action' achieves anything. Much like demonstrating achieves anything. The only way to try and stop this is through the courts and since I don't have the skills or cash to fund that, I'm not going to do anything really. Except emigrate. I'll probably do that.

listermint

opinion guy wrote: »

What is it you think your achieving by having a go at me ?
I believe the Minister will do whatever da f**k he feels like regardless of emails from people like you

Whos having a go at you? Im having ago at your approach to decisions made in this country? Do you honestly think the ministers would go ahead with decisions like this if say they received 10,000 emails into his inbox on a day about it ?

Do you honestly think that? These lads dont speak to the lad on the street on a daily basis, but actually putting your thoughts into words and forwarding it to them / their team is worth 2 minutes of your precious time.

Its attitudes like yours that has us with Zero competent parties here. We all just roll over and take every decision directed at us. When will enough be enough for opinion guy? Is 2 minutes so precious ? or do you feel that im politically motivated?

Im just an ordinary motorist who is tired, im tired of being treated like an imbecile, im tired of my hard worked taxes going poxy no where. Its bloody depressing.

pajo1981

Sean Quinn, what a slimey little shít.

opinion guy

listermint wrote: »

Whos having a go at you? Im having ago at your approach to decisions made in this country? Do you honestly think the ministers would go ahead with decisions like this if say they received 10,000 emails into his inbox on a day about it ?

Yes

listermint

opinion guy wrote: »

Yes

And what basis do you base that?

How did Paddy the old lad and Mary the oul wan manage to keep their medical card with all that hullaballo ?

Did they just pop down the local and moan about it. Or did they contact their local TD?

Hmmm, i think i know the answer. ( i think you do too, but you have gone beyond the point that youll admit that)

opinion guy

listermint wrote: »

And what basis do you base that?

How did Paddy the old lad and Mary the oul wan manage to keep their medical card with all that hullaballo ?

Did they just pop down the local and moan about it. Or did they contact their local TD?

Hmmm, i think i know the answer. ( i think you do too, but you have gone beyond the point that youll admit that)

They kept their medical cards because it looks really really bad to voters to take medical benefits from old folks. Now ignoring the fact here that rich old folk don't need medical cards that is. John Q Voter does not give a toss about rich folks who can afford cars paying 2% extra on their insurance premium. Its nothing to do with old folks mobilising and everything to do with how things look to people.

The other side of this is - this money isn't going to Quinn. This money is going to the receivers so that its possibly to cover folks with insurance policies so that they don't get screwed if they have to make a claim. Actually, despite my initial misgivings, thats probably not the worst thing in the world.

So no, I won't be writing any emails

listermint

opinion guy wrote: »

They kept their medical cards because it looks really really bad to voters to take medical benefits from old folks. Now ignoring the fact here that rich old folk don't need medical cards that is. John Q Voter does not give a toss about rich folks who can afford cars paying 2% extra on their insurance premium. Its nothing to do with old folks mobilising and everything to do with how things look to people.

The other side of this is - this money isn't going to Quinn. This money is going to the receivers so that its possibly to cover folks with insurance policies so that they don't get screwed if they have to make a claim. Actually, despite my initial misgivings, thats probably not the worst thing in the world.

So no, I won't be writing any emails

Fine, dont. And have you got that part ring fenced in writing. Because its laughable if you think thats whats going to happen. Hilariously laughable, Have you lived in this country ?? Ring fenced :pac: :pac:

Del2005

listermint wrote: »

Whos having a go at you? Im having ago at your approach to decisions made in this country? Do you honestly think the ministers would go ahead with decisions like this if say they received 10,000 emails into his inbox on a day about it ?

Do you honestly think that? These lads dont speak to the lad on the street on a daily basis, but actually putting your thoughts into words and forwarding it to them / their team is worth 2 minutes of your precious time.

Its attitudes like yours that has us with Zero competent parties here. We all just roll over and take every decision directed at us. When will enough be enough for opinion guy? Is 2 minutes so precious ? or do you feel that im politically motivated?

Im just an ordinary motorist who is tired, im tired of being treated like an imbecile, im tired of my hard worked taxes going poxy no where. Its bloody depressing.

The problem is that the money has to be paid out, it's for insurance claims and most people deserve what they get.

So if we all write emails to our TDs they very well skip the 2% levy, but since we've no money to pay it out they'll just add it to another tax or cut funding for something useful, since they never cut funding for useless sh!te.

BTW the reason they backed down on the OAP medical card is because a large proportion of elderly people vote. The motorist or other groups don't vote so they don't care.

All the parties are the same and it doesn't mater the slightest who you vote for. Once they get into the Dail they look after themselves and don't care about anyone else.

listermint

Del2005 wrote: »

The problem is that the money has to be paid out, it's for insurance claims and most people deserve what they get.

So if we all write emails to our TDs they very well skip the 2% levy, but since we've no money to pay it out they'll just add it to another tax or cut funding for something useful, since they never cut funding for useless sh!te.

BTW the reason they backed down on the OAP medical card is because a large proportion of elderly people vote. The motorist or other groups don't vote so they don't care.

All the parties are the same and it doesn't mater the slightest who you vote for. Once they get into the Dail they look after themselves and don't care about anyone else.

Tell me why they are not obtaining this money back from Quinns Assets? or his foreign operations? Why is the tax payer lumped with it ? Because its the easiest course of action thats why.

I want my tax to actually pay for something thats bloody necessary. like hospital beds or the guard at the door when someone breaks into my car. Not for phoney insurance claims from an jumped up exasperated insurance system in Ireland.

ART6

listermint wrote: »

Do you honestly think the ministers would go ahead with decisions like this if say they received 10,000 emails into his inbox on a day about it ?

Im just an ordinary motorist who is tired, im tired of being treated like an imbecile, im tired of my hard worked taxes going poxy no where. Its bloody depressing.

I agree with your sentiments, but the fact remains that we the people reacted to a gang of incompetent pigs in the trough by electing another one, but this time with an overwhelming majority in the Dail. This gang can now do what the Hell it likes and can tax you into poverty if it wants to. It can do this because our Constitution allows them the enact laws. That Constitution permits them to do so in the sublime assumption that those laws are in the public interest. Unfortunately it doesn't prevent them from enacting laws that are in their interests.

Of course, at the next election in four years time we can kick them out, at which point they will all retire wealthy with pensions we can only dream of, and we can then elect yet another gang of highway robbers. So now, there will be a levy on motor insurance whether you like it or not because it will be THE LAW!!! If you want insurance you will have no choice in the matter. You can write or send emails to Mr. Noonan until the cows come home, but he can ignore you.

The motorists simply don't have a voice that will be listened to, so we will all be soaked whenever the politicians find a need to protect the elite. What we all need is a motorists union that, with the agreement of its members by ballot, can say to the government "If you impose this levy, we will instruct our members to strike and refuse to pay their motor tax."

For the purposes of the Boards charter, I am not advocating breaking THE LAW any more than any trade union does. I am not suggesting that any individual motorist should refuse to pay his motor tax. I am simply suggesting that the only group politicians appear to listen to are unions. The trouble with that is such a union has no chance of being formed at all, regrettably.

MrFrisp

listermint wrote: »

Its not about 'going greek' Its about pushing the politicians to make the right decisions, we have to make the point. And technology is a fantastic tool to do this with.

Ireland is not nearly as basket as Greece is/was . The greek system is far more overboard than Ireland ever was.

But this is most of the problem I think...

The politicians just Won't do what We want. They don't care..They don't listen.They do what "They" want..What the IMF want them to do..

Are any of the politicians struggling to make ends meet? They don't give a toss about the new levys etc coming Our way..They can well afford it,,and will probably find a way to claim it all back as expenses anyway.

It's sick to see them "looking down on Us",,while they lavish themselves with what they want.

It's simple...They never cared about what We want,,unless when it's time for a vote.
They don't care now,,And they won't care in the future..

:mad:

Del2005

listermint wrote: »

Tell me why they are not obtaining this money back from Quinns Assets? or his foreign operations? Why is the tax payer lumped with it ? Because its the easiest course of action thats why.

Because he can afford to hide his wealth and it's easier for our rulers to hit everyone then try and get some money off their friends.

I want my tax to actually pay for something thats bloody necessary. like hospital beds or the guard at the door when someone breaks into my car. Not for phoney insurance claims from an jumped up exasperated insurance system in Ireland.

We all want that, but the chances of it happening are nearly zero. We don't have enough nurses or doctors yet the wage bill the HSE is huge.

There are too many vested interests in this country so the ordinary motorist who pays PAYE is the least vocal so they are the ones hit with everything.

There's no point in complaining, we ousted FF for ruining the country now FG are doing the same. In 5 years time FF will be back in and they'll do the same.

blastman

"No point, so no point in trying"

The Irish attitude in a nutshell, and the reason nothing changes.

earlyevening

Who else is going to step in if the government dont do it?

There has to be money there to meet claims on Quinn Insurance policies. Its Sean Quinn who has to take all the blame on this one for running his business in a reckless fashion.

opinion guy

blastman wrote: »

"No point, so no point in trying"

The Irish attitude in a nutshell, and the reason nothing changes.

Ok what would you have us do ?

Trampas

5% in levy and millions each year going to the mibi probably another 10% to pay for uninsured drivers.

So when we get our premiums next year and complain about prices think how much is actually going to pay for other peoples mess

Robbo

Does anyone else spot the irony in suggestions that we "go Greek" and have a good old riot, considering that riots and public unrest are generally excluded from most insurance policies?

Personally, they way I'd like to see it levied is upon Quinn themselves. Make the levy the difference between what they browbeat people in a vulnerable position into accepting against what their claim is actually worth and have the difference paid into a fund. It has the bonus of stopping some of the "innovative" techniques employed by Quinn and ends a distortion in the market by enforcing a level playing field in terms of reserves/liquidity and borderline tactics.

Damien360

Why is'nt Quinn insurance allowed to go to the wall after say one year. No new policies. Taxpayer would have to stump up the balance for any claims made in one year only and the Quinn buisness current reserves would cover most claims. The costs would be minimal.

listermint

opinion guy wrote: »

Ok what would you have us do ?

At least voice your concerns at someone in power. rather than continually ask the same 'what would you have us do' or 'what can i do' or 'that wont prove anything'

Its too easy for you to dish out the negative response, negative responses require no thought. What is wrong with voicing ones opinions? and directing them at the people responsible for the decisions? is there a reason why you think this is a bad idea? Is there any harm in actually putting your thoughts into words and dishing them out?

For someone who embodies opinions you seem afraid or reluctant to voice them at the right people rather than giving out to other posters with the easy 'ah sure that'll do nothing' 'blah blah blah'

MugMugs

opinion guy wrote: »

The other side of this is - this money isn't going to Quinn. This money is going to the receivers so that its possibly to cover folks with insurance policies so that they don't get screwed if they have to make a claim.

Get your facts right man.

QUINN Insurance have been bought by Liberty Mutual. The IRISH book was bought the UK book was left.

The Irish book now becomes Libert Mutual Direct Ltd. The UK arm cannot just cease to exist so is remaining as QUINN-Insurance Ltd (Under Administration)

LM can choose to buy the UK arm in a certain time frame.

This levy of 2% is going toward paying the defecit that exists for the UK claims portion and we are not just talking about Motor and Household. Professional Indemnity, Commerical property and others.

This 2% is going toward UK claims for which QUINN-Insurance (Under Administration) is still trading and attempting to resolve.

So

1. The Money is going to QUINN. It is going to QUINN Insurance
2. There are no receivers within that company. Go away and learn the difference before posting about it. :rolleyes:

blastman

opinion guy wrote: »

Ok what would you have us do ?

What listermint said basically, anything bar sit around saying there's no point in doing this or that, it won't make any difference. Doing nothing certainly won't make any difference, but doing something might.

A journey of a thousand miles starts with a single step and all that....

listermint

blastman wrote: »

What listermint said basically, anything bar sit around saying there's no point in doing this or that, it won't make any difference. Doing nothing certainly won't make any difference, but doing something might.

A journey of a thousand miles starts with a single step and all that....

Sense talk does'nt jive around here.....

STForSale

Mail sent, same generic auto response....
Seems some people would rather spend a day on here arguing that you are wasting 2 minutes, funny that :pac: