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GAZETTE
DECEMBER 1 9 89
CORRESPONDENCE
The Editor,
Gazette,
Blackhall Place,
DUBLIN 7.
22nd November 1989
Dear Madam,
re: Structured Settlements
The " V i ewpo i n t" column in the
October 1989 issue of the Gazette,
which supports the concept of
structured settlements in place of
single lump sum compensation for
personal injury claims, states that
"insurance companies have not
shown the slighest interest in
remedying the situation".
To set the record straight, I would
like to inform you and your readers
that the Irish Insurance Federation,
on behalf of its member companies,
transact the vast bulk of motor and
general liability insurance business
in Ireland, and has been actively
studying the concept of structured
settlements for some time. In order
to facilitate the introduction of
structured settlements in this juris-
diction, a number of taxation issues
heed to be resolved. Also the
underwriting of annuities to cover
structured settlement payments is
a specialised science, which will
take some time to develop.
We have already raised the sub-
ject of the tax treatment of such
settlements w i th the Revenue
Commissioners, illustrating the
concept w i th examples from the
system agreed between the Associ-
ation of British Insurers and the U.K.
Inland Revenue. We anticipate that
discussions will shortly be entered
into wi th the Revenue Commiss-
ioners on the feasibility of intro-
ducing special fiscal arrangements
for structured settlements in Ireland.
Yours faithfully,
MIKE KEMP,
General Insurance Executive
Irish Insurance Federation,
Russell House,
Russell Court,
St. Stephen's Green,
Dublin 2.
LAWYERS
DESK DIARY
1990
Now available from
THE LAW SOCIETY
BLACKHALL PLACE
DUBLIN 14
Tel.: 7 1 0 7 11
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Wishing all our friends
A very diappy Christmas
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