Consumer Protection Act 2007 (National Consumer Agency) Levy Regulations 2014

JurisdictionIreland
CitationIR SI 458/2014

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 14th October, 2014.

The National Consumer Agency (the ‘Agency’), in the exercise of its power to impose levies conferred on the Agency by Section 24B of the Consumer Protection Act 2007 (as inserted by the Central Bank Reform Act 2010 ) as approved by the Minister for Jobs, Enterprise, and Innovation and with the consent of the Minister for Finance, hereby makes the following Regulations:

1. These Regulations may be cited as the Consumer Protection Act 2007 (National Consumer Agency) Levy Regulations 2014.

2. The Consumer Protection Act 2007 (National Consumer Agency) Levy Regulations 2011 ( S.I. No. 560 of 2011 ) are hereby amended by—

(a) the substitution of the Schedule to these Regulations for the Schedule in S.I. No. 560 of 2011 .

(b) the renumbering as Regulation 4A of:

“5.Where a regulated entity has the financial services business of a current or previously regulated entity transferred to it, then the transferee regulated entity shall pay the levy which would otherwise have been payable by the transferor regulated entity.

The transferee regulated entity shall pay a levy calculated by reference to the business of the transferor entity in accordance with the method set out in the relevant category in the Schedule. Such a levy shall be in addition to the levy, if any, which the transferee entity would otherwise be required to pay had such a transfer of financial services business not taken place."

10th October 2014

STEPHEN COSTELLO,

Chairperson.

National Consumer Agency,

4/5 Harcourt Road, Dublin 2.

SCHEDULE

Levy period: A 12-month period, commencing on 01 January 2014 and ending on 31 December 2014.

Category A

Credit Institutions

Each credit institution shall pay, in respect of its liability for the year ended 31 December 2014, a levy calculated at the rate of €0.1397 per retail customer as at 31 December 2013. A minimum levy of €500 is payable by each credit institution.

Category B

Insurance Undertakings

(a) Each life assurance undertaking shall pay, in respect of its liability for the year ended 31 December 2014, a levy calculated on the basis of 0.002473% of its total net premium income written on Irish risk business for the year ending 31 December 2012 as stated in the Central Bank of Ireland Insurance Statistics 2012. A minimum levy of €500 is payable by each life assurance undertaking.

(b) Each non-life...

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