Insurance brokers attack ‘unacceptable’ levies

Chief executives of the two bodies representing 90% of the country’s insurance brokers have said plans by the Central Bank to hike levies on intermediaries by 45% are “unacceptable”.

Irish Brokers Association CEO Ciaran Phelan and head of the Professional Irish Brokers Association Diarmuid Kelly have told the Minister for Finance Michael Noonan that members are already struggling after incurring significant increases in Central Bank levies in recent years.

As part of its proposed 2015 increase, the Central Bank is proposing to increase levies from €515 to €750. Levies in 2011 were pitched at €145.