The life assurance and investment market will be subject to a number of potentially revolutionary changes from January 1st next, according to the chief executive of the Irish Brokers' Association Mr Paul Carty. One of the main changes will be the opening up of the domestic market to major overseas players. Next year life companies based in the IFSC will be able to sell into the domestic market, and the tax rate on such offshore insurers and fund managers will be harmonised with that currently applying to domestic investment, Mr Carty predicts. A number of brokers have expressed concern about the spate of recent mergers that have reduced the level of choice available in the market. As a result of the opening up of the Irish market, there will be a greater level of choice than has been available in the past.
The introduction of disclosure of information, including commissions, is also likely to kick in on January 1st. Disclosure at point of sale is widely expected to shake up the life assurance products market.
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