'Govt should abolish 2% insurance levy'

The Oireachtas Committee on Enterprise and Small Business is reportedly planning to recommend the abolition of the 2% levy on insurance premiums on condition that the saving is passed on to consumers.

The committee has been examining ways to reduce insurance costs for businesses and is due to publish a report into the matter this week.

The report is also believed to call for the establishment of the proposed Personal Injuries Assessment Board as a matter of urgency.

The PIAB is designed to settle compensation claims outside the courts, thereby eliminating the cost of solicitors and other legal charges.