The Minister for Finance announced the introduction of a new 1% Levy on premiums to Life Assurance policies in the supplementary budget in April. Under the Finance Bill 2009, the levy will apply to life assurance premiums paid into both new and existing policies on or after 1st August 2009.
However, the IIF on behalf of the Life Assurance Industry is in ongoing discussions with the Department of Finance regarding the details of the levy.
As there may be further amendments to the premium levy over the coming months, Friends First will be postponing a full implementation of the levy until we receive full clarity of all outstanding issues.
The attached document outlines further details regarding our current position.
