So I hope you had a great day today. I also had a bad day, after learning that all my insurance policies are going to incur an extra 0.5% for the flimsy excuse that the Insurance Regulatory Authority needs money to carry out training for the masses. This is the verbatim, released September 10th 2012:
The Insurance Amendment Act 2011 provides for an Insurance Training Levy (ITL) that shall be imposed on the Gross Direct Premium charged for all policies issued by Insurance companies. In consultation with the Minister of Finance, the rate of the Levy has been set at 0.5%.
The levy, which is effective 1st October 2012, shall be charged on all new policies issued, renewals and endorsements, for as long as these attract an additional premium.