Return of Payments (Insurance Undertakings) Regulations 2011 (S.I. No 641 of 2011)

These regulations were introduced in 2011.  They require Life companies to make returns to Revenue on an annual basis, where payments have been made to policyholders in respect of savings and investment policies.

The first returns were made to Revenue by Irish Life in September 2012.  In future years, the returns must be made by 31st March each year.

Revenue may follow up in respect of some of the cases reported in the returns.  This may involve follow up queries to Irish Life to seek clarification of the information returned.  It may also result in queries being directed by Revenue to customers who receive the payment. Depending on the nature of the queries raised by Revenue, the customer may need to contact Irish Life to clarify details relating to the payment.

With effect from 1st January 2013, an additional requirement comes into effect arising from the new regulations.  This requires Irish Life to ask customers for their PPSN/tax number at the point of sale and to record this on our systems.

When payments are made out to customers in respect of policies that commence after 1st January 2013, we are obliged to include the PPSN details, along with other information already set out in the Regulations, in the returns we make to Revenue.  Where the customer did not supply the PPSN details at the point of sale we are obliged to confirm this point to Revenue.

With effect from 1st January 2013, we must ask customers for their PPSN / tax number for all new investment and savings products.  Where supplied, this will be recorded and will be included in the returns Irish Life makes to Revenue, following claims or other payments being made to customers.

The regulations apply to Irish tax residents only and apply to the following types of customers – individuals, companies, partnerships and charities.

We are obliged to ask customers for details of their PPSN / tax number.  The customer may refuse to provide the details, in which case we will record the fact that we asked for the information but it was not supplied.

Where the customer supplies the information, we are obliged to verify it.  As part of the verification process, we are obliged to capture details of the form used to provide the PPSN / tax number.

The following documents may be used to verify the PPSN details:

·         P60

·         P45

·         P21 Balancing Statement

·         Payslip

·         Drug Payment Scheme Card

·         European Health Insurance Card

·         Tax Assessment

·         Tax Return form

·         PAYA Notice of Tax Credits

·         Child Benefit Award Letter / Book

·         Pension Book

·         Social Services Card

·         Public Services Card

In addition to the above, any printed documentation issued by the Revenue Commissioners or by the Department of Social Protection which contains the person’s name, address and tax reference number will also be acceptable.

We cannot use PPSN details that have been supplied in the past e.g. details supplied when a customer may have taken out an SSIA policy or pension policy, cannot be used for the new policy.

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