The purpose of this Act is to specify the risk equalisation credits to be paid from the Risk Equalisation Fund from 1 April 2023 and to make consequential amendments to the Stamp Duties Consolidation Act 1999 to revise the stamp duty levies required to fund the risk equalisation credits.<\/p>\n
The Act also specifies the end date of the act of entrustment (the legislative mechanism under which the Risk Equalisation Scheme (RES) operates), as required by the European Commission in its approval of the RES. Approval from the European Commission is required as the RES is deemed to be a State Aid. The Act will also make further provision for the appointment and powers of authorised officers of the Health Insurance Authority.<\/p>\n
The 2023 Act on specifies the end date of the act of entrustment (the legislative mechanism under which the Risk Equalisation Scheme operates) as requested by the European Commission as part of its approval of Ireland\u2019s Risk Equalisation Scheme. The end date for the period of entrustment should be viewed as a technical end date which is required under European law.<\/p>\n
There is an \u00a0order making power for the Minister to specify a new date after consultation with the European Commission and the Minister for Finance. This power provides the Minister with the authority to extend the duration of the period of entrustment in exceptional circumstances to ensure the continuity of the Risk Equalisation Scheme. 1 April 2023 is the effective date for revised credits payable from the Risk Equalisation Fund.<\/p>\n
An authorised officer may provide a report to the Authority which is a transitional section inserted to provide for persons currently authorised officers.<\/p>\n
The 2023 Act extends the powers of enforcement for authorised officers of the Health Insurance Authority to non-registered undertakings purporting to be carrying on health insurance business in Ireland. An authorised officer may require persons whom the officer believes is committing an offence under the Act to provide a name and address.<\/p>\n
The 2023 Act revises the applicable risk equalisation credits payable from the Risk Equalisation Fund in respect of certain classes of insured persons. The amounts are applicable on or after 1 April 2023.<\/p>\n
The 2023 Act\u00a0 amends section 125A of the Stamp Duties Consolidation Act 1999 to specify the applicable stamp duty rates for (i) 1 January 2023 to 31 March 2023 and (ii) 1 April 2023 onwards.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
New Scheme 2012 The Government, on 27th May 2010, announced a comprehensive strategy and set of actions for the health insurance market. These actions included the development of a full, robust, new risk equalisation scheme to start in 2013. The Health Insurance Authority published a consultation paper on risk equalisation on 21 June 2010 and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[137],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/27360"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=27360"}],"version-history":[{"count":6,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/27360\/revisions"}],"predecessor-version":[{"id":30601,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/27360\/revisions\/30601"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=27360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=27360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=27360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}