Insurers put ‘on notice’ over state support deductions to payouts

Seán Fleming, the minister of state with responsibility for insurance at the Department of Finance, said he wanted insurers to know that the government was moving to address the issue

16th May, 2021
Insurers put ‘on notice’ over state support deductions to payouts
Seán Fleming: We want there to be a clear signal from government to the insurance industry on this matter. Picture: Fergal Phillips

Insurance companies have been put on notice that they will be required to specify the value of deductions made from policyholders’ awards as part of government plans to recoup taxpayers’ money, the Business Post can reveal.

Last month, this newspaper found that insurers were stripping thousands of euro from policyholders’ awards by deducting the value of state supports such as wage schemes and rates waivers, in a move which effectively used...

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