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REGULATIONS PART 1 Citation and Commencement, Interpretation, Scope and Taking up the Business
Life Assurance. Articles
Court.
conditions and documents. 9. Identities
shareholders. PART 2 Financial Supervision, Technical Reserves Provisions, Annual Returns, Accounts and Investigations, Statements, Audit and Auditor's Report, Certificates. 10. Financial supervision
insurance undertaking/transactions with a related company.
technical reserves, including mathematical reserves, solvency margin, determination
liabilities, localisation
assets, currency matching, register
assets.
continued compliance with obligations
liabilities and value
assets.
Insurance Acts in relation to accounts and other documents. 19. Deposit
documents with Minister. 20. Lodging
documents in Companies
fice. 21. Laying
documents before Oireachtas.
accounts.
documents.
Policies, Failure to Comply with Technical Reserves Provisions including Mathematical Reserves, Withdrawal/Lapse
Authorisation 35. Assignment
policies.
authorisation. 38. Provisions applying in the case
revocation. 39. Reasons for revocation. PART 4 Qualifying Holdings, Obligation
Professional Secrecy/Exchanges
Confidential Information
professional secrecy/exchanges
confidential information. PART 5 Choice
Law, General Good Requirements, Notification
Documents, Policyholder Disclosure, Cancellation Rights
documents/scales
premiums. 45. Policyholder disclosure rules/cancellation rights. PART 6 Right
Establishment, Freedom to Provide Services, General Conditions, Prevention
Irregularities 46. Provisions related to right
establishment
a branch outside the State.
services into another Member State. 51. Conditions for carrying on insurance business by way
services into the State.
irregularities. PART 7 Advertising, Winding-up, Statistical Requirements
Appeal
appeal to Court. PART 9 Provisions Related to Branches
Third Country Insurance Undertakings, Rules Applicable to the Assignment
Third Country Branch Policies, Penalties, Fees
admission.
the First Directive. 71. Application
Articles 36 and
third country branch insurance policies.
Sections 93 and 94
the Insurance Act, 1936 75. Application
articles 75 to 79 to third country undertakings and acquisitions by such undertakings. 76. Definitions. 77. Notification to the Commission
authorisations and acquisitions
undertakings governed by the laws
a third country. 78. Notification to the Commission
difficulties encountered in establishing or carrying on business in a third country. 79. Reciprocity measures. 80. Interpretation
Sections 93 and 94
the Insurance Act, 1936. ANNEXES Annex I Defined classes
insurance. Annex II Solvency margin and guarantee fund. Annex III Policyholder information. Annex IV Determination
liabilities. Annex V Valuation
assets. Annex VI Implicit items. Annex VII Reinsurance, currency matching, localisation, documents
title. SCHEDULES Schedule 1 Summary
accounts to be completed annually (forms 1 to 24). Schedule 2 Forms
account and additional information (forms 1 to 21). Schedule 3 Certificates by auditors, directors and actuary (forms 22 to 24). Schedule 4 Abstract
life assurance business by the appointed actuary (forms 25 to 30). Schedule 5 Statement
life assurance business by the appointed actuary (forms 31 to 44). Schedule 6 Value
dependants. Schedule 7 Assets to be taken into account only to a specified extent. S.I. No. 360
the powers conferred on me by section 3
the European Communities Act, 1972 (No. 27
1972), as amended by the European Communities (Amendment) Act, 1993 (No. 25
1993), and for the purpose
giving effect to Council Directive No. 79/267/EEC
5 March, 1979, Council Directive No. 90/619/EEC
8 November, 1990, and Council Directive No. 92/96/EEC
10 November, 1992, hereby make the following Regulations: PART 1 Citation and Commencement, Interpretation, Scope and Taking up the Business
Life Assurance. 1 Citation and commencement. 1.
December, 1994. However, the provisions
these Regulations affecting the annual returns to be made to the Minister in accordance with Article 13
these Regulations shall apply in respect
every financial year beginning on or after the 1st day
January, 1995.
that undertaking which is required by the Insurance Acts and Regulations to be undertaken by an actuary, being a Fellow Member
the Society
Actuaries in Ireland; "authorisation" means— ( a ) authorisation granted by the Minister under these Regulations or under the Regulations
1984 and still in force, or ( b ) where the context otherwise requires, authorisation granted by the authority charged by law with the duty
supervising the activities
insurance undertakings in a Member State other than the State in accordance with Article 6
the First Directive as inserted by Article 3
the Directive; "branch" means an agency or branch
an insurance undertaking or any permanent presence
an undertaking in the State even if that presence does not take the form
an agency or branch but consists merely
an
fice managed by the insurance undertaking's own staff or by a person who is independent but has permanent authority to act for the insurance undertaking in the same way as an agency; "capital at risk" means the amount payable on the happening
the insured event less the mathematical reserve in respect
the relevant contracts; "carrying on insurance business by way
establishment" means the covering
a commitment by an insurance undertaking in a Member State through a head
fice or branch situated in that State; "carrying on insurance business by way
services" means the covering
a commitment by an insurance undertaking in a Member State through a head
fice or branch situated in another Member State; "cede" and "cession" in relation to reinsurance, include retrocede and retrocession; "charges for management" means amounts chargeable in respect
the management
an internal linked fund in accordance with the conditions
those contracts
insurance under which property linked benefits are linked to the value
the fund or units
the fund; "claim" means a claim against an insurance undertaking under a contract
insurance; "claims payable" means the amount due to be paid by an undertaking during a financial year in respect
claims whether or not paid during that year; "commission payable" means, in relation to a financial year
an insurance undertaking, the amount, whether or not paid during that year, recorded during that year as due to intermediaries and cedents in respect
the inception, amendment or renewal
contracts
insurance; "commitment" means a commitment represented by one
the kinds
insurance or operations referred to in Article 1
the First Directive; "Community deposit undertaking" means a life assurance undertaking whose head
fice is not situated in the territory
another Member State and whose required Community minimum solvency margin is supervised in another Member State in accordance with Article 30
the First Directive; "contract
insurance" includes a contract
reinsurance; " the Court" means the High Court; "deposit back arrangement" in relation to any contract
reinsurance means an arrangement whereby an amount is deposited by the reinsurer with the cedent; "designated assets" has the meaning assigned to it in Article 2
Annex V to these Regulations; "direction" means a direction issued by the Minister in accordance with Article 3; "the Directive" means Council Directive 92/96/EEC
fice is not situated in the territory
a Member State and which is not a Community deposit undertaking or an Irish deposit undertaking; "financial year" means, in relation to an undertaking, the period in respect
which the accounts
the undertaking are made up, whether the period is a year or not; "the First Directive" means Council Directive 79/267/EEC
discounts, refunds, and rebates
premium but before deduction
premiums for reinsurance ceded and
commission payable by an undertaking, and ( b ) includes premiums receivable by the undertaking under reinsurance contracts accepted by the undertaking; "home Member State" means the Member State in which the head
fice
the insurance undertaking covering the commitment is situated; "implicit items" has the meaning assigned to it in Annex VI
the Insurance Act, 1936 (No. 45
1936), as amended by the Insurance Act, 1989 (No. 3
1989); "insurance" includes "assurance"; "insurance broker", "insurance agent" and
the Insurance Act, 1989 ; "insurance undertaking" or "undertaking" means— ( a ) for the purpose
carrying on insurance business in the State by way
establishment, the holder
an authorisation under these Regulations or, as the case may be, the holder
an authorisation under Article 27
the First Directive; ( b ) for the purpose
carrying on insurance business by way
services, the holder
an authorisation under these Regulations or, as the case may be, under Article 6
the First Directive as inserted by Article 3
the Directive; "internal linked fund" means an account to which an insurance undertaking appropriates certain linked assets and which may be sub-divided into units the value
which is determined by the undertaking by reference to the value
those linked assets; "Irish deposit undertaking" means a life assurance undertaking whose head
fice is not situated in the territory
another Member State and whose required community minimum solvency margin is supervised in the State in accordance with Article 30
the First Directive; "Irish head
fice insurance undertaking" means a life assurance undertaking whose head
fice is in the State; "life assurance" means insurance
a class specified at a reference number in Part A
Annex 1 to these Regulations; "life assurance business assets" and "life assurance business liabilities" mean respectively assets
a life assurance undertaking which are, for the time being, identified as representing the life assurance fund or funds maintained by the undertaking in respect
its life assurance business and liabilities
the insurance undertaking which are attributable to its life assurance business; "life assurance liabilities" means liabilities
a life assurance undertaking arising under or in connection with contracts for life assurance business including liabilities arising from deposit back arrangements; "linked assets" means life assurance business assets
an insurance undertaking which are, for the time being, identified in the records
the insurance undertaking as being assets by reference to the value
which property linked benefits are to be determined; "linked contract" means a contract falling within Class III
life assurance business as specified in Annex I to these Regulations, and "non-linked contract" shall be construed accordingly; "management expenses" means expenses incurred in the administration
an undertaking or its business which are not commission payable; "mathematical reserves" means the provision made by a life assurance undertaking to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangements) arising under or in connection with contracts for life assurance business; "Member State" means a Member State
the European Communities; "Member State
the branch" means the Member State in which the branch covering the commitment is situated; "Member State
the commitment" means the Member State where the policyholder has his habitual residence, or, if the policyholder is a legal person, the Member State where the latter's establishment, to which the contract relates, is situated; "Member State
the provision
services" means the Member State
the commitment, as defined in Article 2 (e)
the Second Directive, where the commitment is covered by an insurance undertaking or a branch situated in another Member State; "Minister" means the Minister for Enterprise and Employment; "permanent health contracts" means the business
effecting and carrying out contracts
insurance providing specified benefits against risks
persons becoming incapacitated in consequence
sustaining injury as a result
an accident or
an accident
a specified class or
a sickness or infirmity, being contracts that— ( a ) are expressed to be in effect for a period
not less than five years or until normal retirement age for the persons concerned, or without limit
time, and ( b ) either: (i) are not expressed to be terminable by the insurance undertaking under the terms
the contract, or (ii) are expressed to be so terminable only in special circumstances mentioned in the contract, provided that the insurance is carried on by an insurance undertaking in the State which holds an authorisation granted in respect
Class IV in Annex I to these Regulations; "person," "body," "undertaking" and "insurance undertaking" or "assurance undertaking" include any legal entity specified in Article 5
the Directive; "premiums" includes the consideration for the granting
an annuity; "premiums receivable" means— ( a ) in the case
a linked contract the liability under which has been valued on the basis
premiums actually received by the insurance undertaking in a financial year, the amount
premiums received in respect
that contract, and ( b ) in any other case, the premiums recorded in the insurance undertaking's books, in respect
a financial year as due to it in respect
contracts commencing in earlier financial years but not accounted for in the insurance undertaking's revenue account prior to that financial year, whether or not received by the insurance undertaking during that financial year after deducting discounts, refunds and rebates
premiums as recorded in respect
the same period; and for the purpose
determining whether a premium is due no account shall be taken
any credit arrangements made in respect thereof; "profit and loss account" in relation to an insurance undertaking not trading for profit, means an income and expenditure account; "property linked benefits" means benefits provided for under any contract the effecting
which constitutes the carrying on
life assurance business, and which are determined by reference to the value
, or the income from, property
any description (whether or not specified in the contract) or by reference to fluctuations in, or an index
, the value
property
any description (whether or not specified in the contract); "receivable" in relation to income during a financial year, means, unless otherwise specified, such amounts as become due to the undertaking, whether or not received by the insurance undertaking during that year, including (where appropriate) income which has accrued; "the Regulations
1984" means the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57
1984 ); "the Regulations
1986" means the European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 ( S.I. No. 437
1986 ); "reinsurance" includes reassurance; "reinsurance" and "reinsurer" include retrocession and retrocessionaire, respectively; "reinsurance premiums payable" means the premiums recorded in an insurance undertaking's books during a financial year as due by it to reinsurers in respect
reinsurance contracts commencing in the year or reinsurance contracts commencing in earlier financial years but not accounted for in the undertaking's revenue account prior to that financial year, whether or not paid by the insurance undertaking during that financial year, after deducting discounts, refunds and rebates
premiums as recorded in the same period, and for the purpose
determining whether a premium is due no account shall be taken
any credit arrangement made in respect thereof; "required minimum solvency margin" means the greater
the appropriate required solvency margin and the amount
the appropriate minimum guarantee fund and "required Community minimum solvency margin" and "required Irish minimum solvency margin" shall be construed accordingly; "the Second Directive" means Council Directive 90/619/EEC
any territory, the authority charged by law with the duty
supervising the activities
undertakings in that territory; "unit
account" means the ECU used by the European Monetary Co-operation Fund, the conversion value
which, to the currency
the State, shall be, as from 31 December
each year, the rate published in the
ficial Journal
the Communities for the last day
the preceding October for which conversion values
the ECU were published for the currencies
all States that were then Member States; "the valuation date" in relation to an actuarial investigation, means the date to which the investigation relates; "zillmerising" means the method known by the name for modifying the net premium reserve method
valuing a life assurance policy by increasing the part
the future premiums for which credit is taken so as to allow for initial expenses.
these Regulations and a reference to a paragraph is to the paragraph
the Article in which the reference occurs, unless it is indicated that reference to some other provision is intended and a reference to a numbered Form is to the Form as numbered in a Schedule.
the Insurance Acts and Regulations shall, where applicable and subject to any necessary modifications, apply to all insurance undertakings to which these Regulations relate.
these Regulations notwithstanding. 3 Technical adjustments. 3.
the Directive subject to such conditions as may be specified from time to time by the Minister.
these Regulations or
the Annexes or Schedules in the special circumstances
the case, provided that the direction does not conflict with any provision
the First Directive, the Second Directive or the Directive. 4 Scope. 4.
this Article, these Regulations apply to insurance business ("life assurance")
the classes specified in Part A
Annex I and to undertakings carrying on such insurance.
insurance specified in Articles 2
the First Directive; ( b ) the operations specified in Articles 2
the First Directive; ( c ) the organisations and mutual associations excluded from the application
the First Directive by Article 3 thereof; ( d ) the bodies referred to in Article 4
the First Directive. 5 Powers
Court. 5. The Court shall have full jurisdiction to deal with any application, appeal or other proceeding before the Court in accordance with any provision
these Regulations and may for this purpose make any interim, interlocutory, mandatory, prohibitory or injunctive or ancillary order as the Court may consider necessary or appropriate for the purposes
these Regulations. 6 Authorisation/omposite insurance undertakings. 6.
life assurance unless it is the holder
an authorisation.
services and by way
establishment.
the Insurance Acts and Regulations, an insurance undertaking shall be deemed to be or to have been established in the State if— ( a ) it has in the State an
fice which is open during normal business hours for the transaction
life assurance business for which it is authorised, and ( b ) it employs at such
fice persons duly qualified to carry on the business transacted and empowered to issue cover for the authorised classes and to settle claims.
fice is situated in the State, may be authorised to carry on both the business
life assurance and the business
non-life insurance
a class referred to in Annex I to the European Communities (Non-Life Insurance) Framework Regulations, 1994.
fice is situated in the State, and which has financial, commercial or administrative links with an insurance undertaking carrying on insurance
a class referred to in Annex I to the European Communities (Non-Life Insurance) Framework Regulations, 1994, shall provide the Minister, in such form as the Minister sees fit, with information relating to the arrangements under which any apportionment
expenses
management and income has been made between the insurance undertakings and the basis for such arrangements, and shall provide the Minister on request with copies
any agreement or other documents relevant to any such arrangements.
an insurance undertaking whose head
fice is situated in the State, which is the holder
an authorisation under the European Communities (Non-Life Insurance) Framework Regulations, 1994, and which has financial, commercial or administrative links with an undertaking carrying on insurance
a class referred to in Annex I to these Regulations.
the Insurance Acts and Regulations, the Minister shall grant that undertaking an authorisation.
fice in the State, ( b ) any insurance undertaking which is the holder
an authorisation related to a particular class or classes
insurance and which proposes to extend its business to another class or classes
insurance.
insurance mentioned at a reference number in Annex I to these Regulations and specified in the authorisation and shall relate to the entire
that class except that, where an applicant for an authorisation desires the authorisation to relate to only part
a class as listed in Annex I to these Regulations, the authorisation shall relate to that part only.
an authorisation granted under these Regulations unless the authorisation expressly extends to such business.
authorisation shall be as specified by the Minister from time to time. 7 Conditions when applying for authorisation. 7.
the Companies Acts, 1963 to 1990, a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, or a Society registered under the Friendly Societies Acts, 1896 to 1977; it may also adopt the form
a European Company (SE) when that has been established. ( b ) An undertaking set up in any public law form may apply for an authorisation provided such body has as its object insurance operations under conditions equivalent to those under which private law insurance undertakings operate.
all other commercial business. ( b ) It shall submit to the Minister a scheme
operations, in accordance with Article 9
the First Directive to include particulars or proof concerning— (i) the nature
the commitments which the undertaking proposes to cover; (
the costs
setting up the administrative services and the organisation for securing business and the financial resources intended to meet those costs. ( c ) In addition, for the first three financial years it shall submit to the Minister— (i) a plan setting out detailed estimates
income and expenditure in respect
direct business, reassurance acceptances and reassurance cessions; (ii) a forecast balance sheet; (iii) estimates relating to the financial resources intended to cover its underwriting liabilities and solvency margin. ( d ) It shall possess the minimum guarantee fund referred to in Part B
Annex II to these Regulations. ( e ) It shall be effectively run by persons
good repute with appropriate professional qualifications or experience.
insurance or to extend an authorisation covering only part
a class as listed in Annex I to these Regulations shall— ( a ) submit to the Minister a scheme
operations in accordance with the provisions contained in Article 7
these Regulations in relation to such other classes
insurance or such extension
authorisation, and ( b ) prove to the satisfaction
the Minister that it possesses the solvency margin in accordance with the provisions
Part A
Annex II to these Regulations and, the minimum guarantee fund referred to in Part B
Annex II to these Regulations. 8 Notification
conditions and documents. 8.
this Article, the Minister shall not require the prior approval or systematic notification
general and special policy conditions, scales
premiums, technical bases used in particular for calculating scales
premiums and technical reserves, forms and other printed documents which an insurance undertaking intends to use in its dealings with policyholders. The Minister may, however, require notification
such general and special policy conditions, scales
premiums, technical bases, forms and other aforementioned printed documents.
verifying compliance with the rules concerning actuarial principles, require systematic notification
the technical bases used for calculating scales
premiums and technical reserves, provided that requirement does not constitute a prior condition for an insurance undertaking to carry on insurance business in the State.
regulations or administrative provisions concerning the approval
the memorandum and articles
association
an insurance undertaking and communication
documents necessary for the normal exercise
supervision. 9 Identities
shareholders. 9.
the identities
the shareholders or persons who have qualifying holdings, whether direct or indirect, in that undertaking and
the amounts
such holdings.
an undertaking, the Minister is not satisfied as to the qualifications
such shareholders or persons.
the size
their holding and any person concerned shall on request furnish information to the Minister.
this Article— a "qualifying holding" means a direct or indirect holding in an undertaking which represents 10 per cent. or more
the capital or
the voting rights or which makes it possible to exercise a significant influence over the management
the undertaking in which a holding subsists. PART 2 Financial Supervision, Technical Reserves Provisions, Annual Returns, Accounts and Investigations, Statements, Audit and Auditor's Report, Certificates 10 Financial supervision
insurance undertaking. 10.
an insurance undertaking, including the carrying on
insurance business either by way
services or through branches, shall be the sole responsibility
the home Member State.
fice
the insurance undertaking is situated in the State the Minister shall be responsible for verification with respect to the insurance undertaking's entire business,
its state
solvency,
the establishment and maintenance
technical reserves, including mathematical reserves, in accordance with the Insurance Acts and Regulations.
the Minister are sound and adequate. Transactions with a related company.
a material nature with a related company or companies, including, in particular, the provision
loans to and acceptance
loans from a related company or companies, an insurance undertaking shall submit to the Minister a draft copy
any contract or agreement which is to be entered into by the insurance undertaking in relation to the transaction.
fice is situated in the State carries on insurance business through a branch situated in another Member State, the Minister may, after having informed the supervisory authorities
the Member State
the branch, carry out on-the-spot verification
the information required to ensure the financial supervision
the insurance undertaking.
the Member State
the branch may participate in such verification where the law
the Member State
the branch so allows.
fice is situated in another Member State carries on insurance business through a branch situated in the State, the Minister shall, after having been informed by the supervisory authorities
that Member State, allow the supervisory authorities
the head
fice Member State to carry out on-the-spot verification
the information required to ensure the financial supervision
the insurance undertaking.
authorised
ficers under the Insurance Acts and Regulations.
technical reserves, including mathematical reserves, solvency margin, determination
liabilities, localisation
assets, currency matching, register
assets. 12.
all underwriting liabilities assumed by it, ( b ) an adequate solvency margin and guarantee fund in respect
its entire business in accordance with Annex II to these Regulations.
Annex IV to these Regulations relating to the determination
liabilities, the amount
liabilities
an insurance undertaking shall be determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for insurance undertakings.
this Article the amount
liabilities
an insurance undertaking, all contingent and prospective liabilities shall be taken into account but not liabilities in respect
share capital.
assets and the maintenance
assets in relation to reinsurance arrangements are set out in Annex VII to these Regulations.
insurance business carried on in the State in each class by the insurance undertaking and shall furnish to the Minister a certificate
the value
these assets on the closing date for which the accounts and balance sheets
the insurance undertaking are furnished to the Minister, such values being those in such accounts and balance sheets.
fice
the insurance undertaking in the State and shall contain up-to-date details
the assets representing reserves in respect
life assurance business carried on in the State.
ficer or
ficers
the Minister during normal business hours. 13 Annual returns, statistical documents. 13.
fice is situated in the State shall furnish to the Minister annually or at such more frequent intervals as the Minister may request such information in such form and manner as the Minister may require, together with statistical documents which are deemed necessary for supervision purposes and in particular in order to verify the state
solvency
the undertaking with respect to its entire business.
sub-article
this Article, the insurance undertaking shall, in addition, furnish to the Minister annually, or at such more frequent intervals as the Minister may request, such information in such form and manner as the Minister may require in order to enable the Minister to verify that the technical reserves, including mathematical reserves, mentioned in Article 12
these Regulations are being maintained.
another Member State with such information as is necessary for the purposes
supervision. 14 Enforcement
continued compliance with obligations 14. The Minister shall take all appropriate measures in order to be satisfied that an insurance undertaking is complying or has the ability to continue to comply with its obligations under the Insurance Acts and Regulations and applicable administrative provisions and, in particular, with the scheme
operations referred to in Article 7
these Regulations. 15 Periodic actuarial investigations. 15.
twelve months, cause an investigation to be made into its financial condition in respect
that business by the person who for the time being is its appointed actuary; and ( b ) when such an investigation has been made, or when at any other time an investigation into the financial condition
the insurance undertaking has been made with a view to the distribution
profits, or the results
which are made public, shall cause an abstract
the actuary's report
the investigation to be made.
this Article relates shall include— ( a ) a valuation
the liabilities
the undertaking attributable to its life assurance business; and ( b ) a determination
any excess over those liabilities
the assets representing the fund or funds maintained by the undertaking in respect
that business and, where any rights
life assurance policyholders to participate in profits relate to particular parts
such a fund, a determination
any excess
assets over liabilities in respect
each
those parts.
this Article applies shall prepare a statement
its life assurance business in accordance with the requirements
Schedule 5, at the date to which the accounts
the insurance undertaking are made up for the purposes
an investigation in pursuance
subparagraph (a)
that paragraph.
any investigation to which this Article applies, the amount
any liabilities and the value
any assets shall be determined in accordance with Annex IV and V, as appropriate. 16 Amount
liabilities and value
assets. 16. Unless otherwise provided in these Regulations, the amount or value given for a liability or an asset
the insurance undertaking shall be the amount or value
that liability or asset as determined in accordance with the provisions
Annex IV and V to these Regulations as appropriate. In the case
an asset
the insurance undertaking to which Annex V to these Regulations does not apply, the value given shall be the value which the asset would have if Annex V to these Regulations were applicable. 17 Accounts and returns laid before annual general meeting. 17.
the accounts and returns laid before its annual general meeting.
Insurance Acts in relation to accounts and other documents. 18. The accounts, balance sheets, notes, statements, reports and certificates set out in Schedules 1 to 5 are in substitution for the accounts, balance sheets, abstracts or statements specified in the Insurance Acts, 1909 to 1990, and in the Regulations
1986 insofar as they relate to insurance undertakings authorised or deemed to be authorised under the Regulations
1984. 19 Deposit
documents with Minister. 19.
the period to which the account, balance sheet, note, statement, report or certificate relates: provided that, if in any case it is made to appear to the Minister that the circumstances are such that a period longer than six months should be allowed, the Minister may extend that period by such period not exceeding three months as he thinks fit.
the copies
any document deposited under sub-article
this Article shall be signed by the appropriate person or persons described in Article 30.
any such inaccuracies and the supply
deficiencies.
an insurance undertaking any report on the affairs
the insurance undertaking submitted to the shareholders or policyholders
the undertaking in respect
the financial year to which the revenue account and balance sheet relate.
certificates annexed thereto giving information authorised or required by virtue
Articles 22 to 33
these Regulations to be so given. 20 Lodging
documents in Companies
fice. 20. Any document submitted to the Minister under these Regulations shall be lodged in the Companies Registration
fice and shall there be open to inspection by any person, and copies
such documents may be procured by any person on payment
such fees as the Minister may from time to time fix. 21 Laying
documents before Oireachtas. 21. The Minister shall, as soon as may be, lay before each House
the Oireachtas copies
any documents deemed necessary to be submitted under these Regulations and may append to such documents any explanatory statement or commentary which the Minister thinks fit. 22 Accounts and statements. 22. Articles 22 to 33
these Regulations apply with respect to the accounts and statements (as hereinafter specified) required to be prepared by every insurance undertaking pursuant to Article 13
these Regulations. 23 Annual accounts. 23. Every insurance undertaking shall, in respect
each financial year
the insurance undertaking, prepare such
the accounts prescribed in Schedule 1 to these Regulations as are appropriate to the insurance undertaking. 24 Contents and form
account.
Schedule 2 to these Regulations and shall be in Form 1 completed (as may be appropriate) as specified in the instructions to that Form so, however, that— (i) every such insurance undertaking shall prepare a separate account in Form 1 in respect
each life assurance business fund maintained by it, and (ii) where there is more than one fund for life assurance business or for industrial assurance business, the insurance undertaking shall also prepare a summary form for life assurance business or for industrial assurance business as the case may require. 26 Additional information. 26. Every insurance undertaking shall, in accordance with Article 23 and Schedule 2 to these Regulations, including the instructions thereto, prepare— ( a ) in respect
life assurance business— (
Forms 8 to 14 and 21 as are appropriate; and ( b ) in respect
industrial assurance business— (
Forms 10 to 14 and 21 as are appropriate. 27 Profit and loss account. 27. The profit and loss account required to be prepared by every insurance undertaking under Article 23 shall comply with the requirements
Schedule 2 to these Regulations and shall be prepared in Form
Schedule 2 to these Regulations and shall be in Forms 15 to 17, 19 and 20 completed (as may be appropriate) as specified in the instructions to those Forms. 29 Periodic actuarial investigation. 29. Save in relation to subparagraph (a) (ii)
this paragraph, for the purposes
, life assurance business and industrial assurance business shall be treated separately and— ( a ) the abstract
the report
the actuary on life assurance business— (i) shall comply with the requirements
Schedule 4 to these Regulations and shall contain the information (together with such
Forms 25 to 28 as may be appropriate) specified in that Schedule, and (ii) except in the case
a Community deposit undertaking, shall also include Form 30 and, where appropriate, Form 29; and ( b ) the statement
life assurance business shall comply with the requirements
Schedule 5 and shall contain the information (together with Forms 31 to 44) specified in that Schedule. 30 Signature
documents. 30.
the copies
any document required to be prepared in accordance with Articles 22 to 33, except an auditor's report, shall be signed by persons described in sub-articles
any document relating to business carried on through an Irish head
fice undertaking, the copy shall be signed by— ( a ) in any case— (i) where there are more than two directors
the insurance undertaking, at least two
those directors and, where there are not more than two directors, all the directors; and (ii) the chief executive, if any,
the insurance undertaking or (if there is no chief executive) the secretary; and ( b ) in the case
an abstract or statement under Article 15, the actuary who made the investigation to which the abstract relates or by reference to which the statement was prepared.
any document relating to business carried on through an agency or branch in the State by a Community deposit undertaking or an external branch undertaking or through agencies or branches in any Member State taken together by an Irish deposit undertaking, the copy shall be signed by— ( a ) in any case— (i) the authorised agent referred to in Article 46
and (ii) an
ficer or employee
the insurance undertaking who, either alone or jointly with others, is responsible for the conduct
the whole
the insurance business carried on by the insurance undertaking in the State, and ( b ) in the case
an abstract or statement under Article 15, the actuary who made the investigation to which the abstract relates or by reference to which the statement was prepared.
the copies
any auditor's report shall be a copy signed by the auditor. 31 Audit and auditor's report. 31. The documents referred to in Articles 25, 26, 27 and 28 and the certificate referred to in Article 32 (a), shall be audited by a person duly qualified under the Companies Acts, 1963 to 1990, who shall make a report in Form 22 in accordance with the requirements
Schedule
these Regulations: ( a ) a certificate in accordance with the requirements
Schedule 3 and shall be in Form 23 which shall be signed by the persons required by Article 30 to sign the documents to which the certificate relates; and ( b ) a certificate in accordance with the requirements
Schedule 3 and shall be in Form 24 which shall be signed by the appointed actuary. 33 Transitional provisions. 33. Any reference in any provision
these Regulations to a document submitted to the Minister or prepared in respect
a financial year
an insurance undertaking which is a financial year
the insurance undertaking preceding that to which these Regulations first apply shall be construed as a reference to the document so submitted or prepared in accordance with the corresponding provisions
the Insurance Acts and Regulations previously in force. 34 General: References to Community deposit undertaking. 34.
the accounts and balance sheets (including any notes, statements, reports and certificates annexed thereto) shall be taken as referring to, or imposing the requirement in respect
business carried on through that branch.
, the accounts and balance sheets (including any notes, statements, reports and certificates annexed thereto) relevant to life assurance business shall be taken as referring to or, as the case may be, imposing the requirement in respect
— (i) accounts prepared in respect
its entire life assurance business, and (ii) accounts prepared in respect
the life assurance business carried on, in the case
an external branch undertaking, by the branch in the State and, in the case
an Irish deposit undertaking, by the branches in question in the Member State taken together. PART 3 Assignment
Policies, Failure to Comply with Technical Reserves Provisions including Mathematical Reserves, Withdrawal/Lapse
Authorisation 35 Assignment
policies. 35.
the AssuranceCompanies Act, 1909, and subject to the provisions
the Insurance Act, 1989 , and
these Regulations the following provisions shall have effect: ( a ) An assurance undertaking transacting business in the State, proposing to assign all or part
its portfolio
insurance contracts concluded under the right
establishment or freedom to provide service in the State to an insurance undertaking established in the territory
a Member State may apply to the Court, by petition, for an order sanctioning the scheme
assignment. ( b ) An insurance undertaking whose head
fice is situated in the State may, after prior consultation with the Minister, assign all or part
its portfolio
insurance policies including insurance business carried on either by way
services or establishment, to an insurance undertaking established in the State or in another Member State. The assignment shall not be effected unless the supervisory authorities
that insurance undertaking or, where appropriate, the supervisory authorities
the Member State referred to in Article 30
the first Directive, certify that the insurance undertaking possesses the necessary solvency margin after taking the assignment into account. ( c ) Where a branch, established in another Member State, whose head
fice is situated in the State, proposes to assign all or part
its portfolio
insurance policies covering insurance business carried on either by way
services or establishment, the Minister shall consult the supervisory authority
the Member State
the branch. ( d ) An insurance undertaking whose head
fice is situated in the State may not assign all or part
its portfolio
insurance policies to an undertaking, established in another Member State, whose head
fice is not situated in the territory
a Member State.
sub-article
this Article, the assignment shall not be effected without obtaining the agreement
the supervisory authorities
the Member States
the branch and the supervisory authorities
the Member States
the commitment. ( b ) Where the supervisory authorities have not given a response indicating consent to or an opinion on the proposed assignment within three months
receiving notification
the assignment, the assignment shall be deemed to be agreed.
the Directive, the Minister shall have a period
three months from the date
consultation by the supervisory authorities
the home Member State within which to issue a response to those authorities.
the period referred to in sub-article
this Article, the assignment shall be deemed to be agreed.
sub-article
this Article by advertisement once in Iris Oifigiúil and once in each
two daily newspapers published in the State and published in the Member State where the risk is situated in accordance with the law
that Member State.
the policies assigned. 36 Failure to comply with technical reserves provisions including mathematical reserves. 36.
fice is situated in the State fails to comply with Article 12
these Regulations the Minister may, after notifying the supervisory authorities
the Member States in which the commitments underwritten by the insurance undertaking are situated, apply to the Court for an order, which the Court is empowered to make, prohibiting the free disposal
the insurance undertaking's assets.
an insurance undertaking whose head
fice is situated in the State falls below the minimum amount required in accordance with the provisions
sub-article 2 (ii)
these Regulations the Minister shall require that a plan be submitted by the insurance undertaking for the Minister's approval for the restoration
a sound financial position.
this Article, where it appears to the Minister that the financial situation
the insurance undertaking will deteriorate further, the Minister may apply to the Court for an order, which the Court is empowered to make, restricting or prohibiting the free disposal
the insurance undertaking's assets. In that case, the Minister shall notify the supervisory authorities
the Member States where the insurance undertaking carries on insurance business
this fact and
any order
the Court. The Minister may also request the supervisory authorities
those Member States to take the same measures pursuant to this sub-article.
an insurance undertaking whose head
fice is situated in the State falls below the guarantee fund referred to in Part B
Annex II to these Regulations, the Minister shall require the insurance undertaking to submit for approval a short-term finance scheme. The Minister may also apply to the Court for an order, which the Court is empowered to make, restricting or prohibiting the free disposal
the assets
the insurance undertaking. In that case, the Minister shall notify the supervisory authorities
the Member States where the insurance undertaking carries on insurance business
this fact and
any order
the Court. The Minister may also request the supervisory authorities
those Member States to take the same measures pursuant to this sub-article.
insured persons, in the cases referred to in sub-articles
this Article.
fice supervisory authority
an insurance undertaking situated in another Member State requests the Minister to take measures related to the restriction or prohibition
the free disposal
the assets located in the State
the insurance undertaking, the Minister may apply to the Court for an order, which the Court is empowered to make, restricting or prohibiting the free disposal
the assets located in the State
the insurance undertaking.
this Article as the Court may think fit. 37 Withdrawal/lapse
authorisation. 37. An authorisation held by an undertaking whose head
fice is situated in the State may be revoked by the Minister if the Minister is satisfied that the holder— ( a ) has not used the authorisation for the last twelve months, has expressly renounced the authorisation or has ceased to carry on business covered by the authorisation for more than six months, ( b ) no longer fulfils the conditions required by the Insurance Acts and Regulations for the granting
an authorisation, ( c ) has been unable, within the time allowed, to take the measures contained in the restoration plan or finance scheme referred to in Article 36
these Regulations, or ( d ) fails seriously in its obligations under the Insurance Acts and Regulations. 38 Provisions applying in the case
revocation. 38. Where an authorisation is revoked under Article 37
these Regulations the following provisions shall apply:— ( a ) the Minister shall notify the revocation to the supervisory authorities
the other Member States in which the undertaking carries on business; ( b ) the Minister shall, in conjunction with the supervisory authorities
the other Member States in which the undertaking carries on business, apply to the Court for an order, which the Court is empowered to make, restricting the free disposal by the undertaking
its assets in accordance with Articles 36
these Regulations; ( c ) the Minister may take further necessary measures to safeguard the interests
persons insured by the insurance undertaking and may for this purpose apply to this Court for such order as to the Court may seem fit. 39 Reasons for revocation. 39. Any decision to revoke an authorisation under Article 37
these Regulations shall be supported by precise reasons and notified to the insurance undertaking in question. PART 4 Qualifying Holdings, Obligation
Professional Secrecy/Exchanges
Confidential Information 40 Qualifying holdings. 40.
the Companies Acts, 1963 to 1990, any person who proposes to acquire, either directly or indirectly, a qualifying holding in an insurance undertaking, shall first notify the Minister indicating the size
the proposed qualifying holding. Such person shall, in addition, be under an obligation to notify the Minister where it is proposed to increase such qualifying holding so that the percentage level
the voting rights or capital which that person holds reaches or exceeds any
the percentage levels referred to in sub-article
this Article so that the insurance undertaking would become that person's subsidiary.
three months from the date
notification referred to in sub-article
this Article within which to oppose the proposed acquisition where, in view
the necessity to ensure sound and prudent management
the insurance undertaking in question, the Minister is not satisfied as to the suitability
the person referred to in sub-article
this Article.
a qualifying holding in an insurance undertaking, shall first notify the Minister indicating the size
the proposed qualifying holding. Such person shall, in addition, be under an obligation to notify the Minister if it is proposed to decrease such qualifying holding so that any
the percentage levels
the voting rights or capital which that person holds falls below the percentage levels referred to in sub-article
this Article or so that the insurance undertaking would cease to be that person's subsidiary.
any acquisitions or disposals
holdings in its capital so that such holdings exceed or fall below any
the percentage levels referred to in sub-article
this Article shall inform the Minister
such acquisitions or disposals. In addition, the insurance undertaking shall, at such times as may be specified by the Minister and at least once a year, notify the Minister
the names
shareholders or members possessing qualifying holdings and the size
such holdings by reference, for example, to information received at annual general meetings
shareholders or members or as a result
compliance with the Companies Acts, 1963 to 1990. The Minister may, at any time, require information concerning all shareholders irrespective
the size
their shareholding.
this Article is likely to operate against the prudent and sound management
an insurance undertaking, the Minister may apply to the Court for such order, for the purpose
putting an end to that situation, by way
injunction, suspension
the exercise
the voting rights attaching to the shares held by the shareholders or members in question or otherwise as the Court shall think fit.
this Article, may make such order in relation to the matter as may appear to be necessary.
this Article shall also apply to persons who fail to comply with the notification requirements referred to in sub-article
this Article. If a holding is acquired contrary to the provisions
this Article the Court may, on the application
the Minister, in addition to any other order which it may make, order the suspension
the corresponding voting rights or the nullity
votes cast.
Council Directive 83/349/EEC, or a similar relationship between any natural or legal person and an undertaking; "qualifying holding" has the meaning assigned to it by Article 9
these Regulations. "parent undertaking" means a parent undertaking as defined in Articles 1 and 2
Council Directive 83/349/EEC; "subsidiary" means a subsidiary undertaking as defined in Articles 1 and 2
Council Directive 83/349/EEC; any subsidiary
a subsidiary undertaking shall also be regarded as a subsidiary
the undertaking which is those undertakings' ultimate parent undertaking. 41 Obligation
professional secrecy/exchanges
confidential information. 41.
the Minister shall be bound by the obligation
professional secrecy.
professional secrecy means that, subject to the succeeding sub-articles
this Article, no confidential information received in the performance
duties may be divulged to any person or authority whatsoever, except in such form as will ensure that individual insurance undertakings cannot be identified, except by order
a Court in criminal proceedings. Nevertheless, where an insurance undertaking has been declared bankrupt or is being compulsorily wound up, confidential information which does not concern third parties involved in attempts to rescue the undertaking may be divulged where ordered by a competent court in civil or commercial proceedings.
this Article shall not prevent the competent authorities
Member States from exchanging information in accordance with the Directives applicable to insurance undertakings. Such information when so exchanged shall be subject to the conditions
professional secrecy laid down in these sub-articles.
information, with the competent authorities
third countries only if the information disclosed is subject to guarantees
professional secrecy at least equivalent to those provided for in this Article.
this Article it may be used only— ( a ) to check that the conditions governing the taking up
the business
insurance are met and to facilitate monitoring
the conduct
such business, especially with regard to the monitoring
technical reserves, solvency margins, administrative and accounting procedures and internal control mechanisms, ( b ) to impose sanctions, or ( c ) in court proceedings initiated under Article 62 or under special provisions provided for in Council Directives adopted in the field
insurance undertakings.
this Article shall not preclude the exchange
information within the State, where there are two or more competent authorities in the State, or between Member States or between competent authorities and— ( a ) authorities responsible for the
ficial supervision
credit institutions and other financial organisations and the authorities responsible for the supervision
financial markets, ( b ) bodies involved in the liquidation and bankruptcy
insurance undertakings and in other similar procedures, and ( c ) persons responsible for carrying out statutory audits
the accounts
insurance undertakings and other financial institutions, in the discharge
their supervisory functions, or the disclosure to bodies which administer compulsory winding-up proceedings or guarantee funds
information necessary to the performance
their dutes. The information received by those authorities, bodies and persons shall be subject to the conditions
professional secrecy laid down in sub-articles
this Article, the Minister may in accordance with the law
the State authorise the disclosure
certain information to other authorities responsible for the supervision
credit institutions, financial institutions, investment services and insurance companies and to inspectors acting on behalf
those authorities.
prudential control.
this Article and that obtained by means
on-the-spot verification in accordance with Article 11 may never be disclosed in the cases referred to in this sub-article except with the express consent
the competent authorities which disclosed the information or
the competent authorities
the Member State in which on-the-spot verification was carried out. PART 5 Choice
Law, General Good Requirements, Notification
Documents, Policyholder Disclosure, Cancellation Rights 42 Law applicable to insurance contracts. 42.
insurance which covers commitments situated within the State or within other Member States shall be determined in accordance with the following provisions: ( a ) The law applicable to insurance contracts shall be the law
the Member State
the commitment. However, where the law
that Member State so allows, the parties may choose the law
another country. ( b ) Where a policyholder is a natural person whose habitual residence is in a Member State other than that
which the policyholder is a national the parties may choose the law
the Member State
which the policyholder is a national. ( c ) Where a Member State includes several territorial units, each
which has its own rules
law concerning contractual obligations, each unit shall be considered as a country for the purposes
identifying the applicable law. ( d ) A Member State in which various territorial units have their own rules
law concerning contractual obligations shall not be bound to apply the provisions
these Regulations to conflicts which arise between the laws
those units.
the rules
the law
the forum in a situation where they are mandatory irrespective
the law otherwise applicable to the contract. ( b ) Where the commitment arises in the State, the mandatory rules
the law
the State shall be applied, whatever the law applicable to the contract. ( c ) Subject to the preceding subparagraphs
this Article, the law
the State relating to the general rules
private international law concerning contractual obligations shall be applied to the insurance contracts covered by these Regulations. 43 General good requirements. 43. In conformity with the general good in accordance with the laws
the European Communities, an insurance undertaking shall, in particular, comply with the following criteria— ( a ) the provisions
the Consumer Information Act, 1978 , applicable to insurance contracts and the marketing and selling
insurance products; ( b ) the provisions
the Sale
Goods and Supply
Services Act, 1980 , applicable to insurance contracts and the marketing and selling
insurance products; ( c ) provisions related to the supervision and regulation
insurance intermediaries under the Insurance Acts and Regulations; ( d ) provisions contained in consumer credit legislation adopted by the State; ( e ) any other requirements which the Minister may prescribe by Regulations for the general good, and the Minister in so prescribing may have regard to provisions in Codes
Conduct and Practice related to the marketing and selling
insurance and to the content
insurance proposals. 44 Notification
documents/scales
premiums. 44. The Minister shall not make provisions requiring the prior approval or systematic notification
general and special policy conditions, scales
premiums, technical bases used in particular for calculating scales
premiums and technical reserves, forms and other printed documents which an insurance undertaking intends to use in its dealing with policyholders. The Minister may, however, require notification
the general and special policy conditions and other documents considered necessary for the purposes
verifying compliance with laws, Regulations and administrative provisions concerning insurance contracts. A notification requirement shall not constitute a prior condition for an insurance undertaking to carry on business in the State. 45 Policyholder disclosure rules/cancellation rights. 45.
an insurance policy in respect
which a proposal has been submitted by a person seeking insurance unless the information set out under Points 1 to 16 in Annex III to these Regulations has already been furnished directly to that person, in writing, in a clear and accurate manner, or the aforesaid information is provided, in the manner prescribed, in conjunction with the cancellation notice referred to in sub-article
this Article and the insurance policy or copy
such insurance policy. In addition, the information set out under Points 17 to 22 in Annex III shall be provided by the insurance undertaking directly to the policyholder during the term
the insurance contract.
this Article including the insurance contract documents or copies thereof shall, subject to section 108
the Insurance Act, 1936 , which provides for the issue
documents in the Irish language, be provided in the English language. Where the law applicable to the contract is the law
another Member State, the policyholder may request that the information including such insurance contract documents or copies thereof be provided in the
ficial language or languages
that Member State.
a commitment referred to in Article 4
these Regulations and who has received from that undertaking a policy
insurance or a copy
the policy
insurance related to that proposal, a period
fifteen days from the time when it has delivered to that person, or posted to that person directly at the address provided on the proposal form the policy
insurance or a copy thereof within which to serve a notice
cancellation on the insurance undertaking.
sub-article
this Article shall not apply in the case
the following— ( a ) contracts
insurance effected for a term
six months' duration or less; ( b ) contracts
insurance where none
the proposers or policyholders is an individual; ( c ) contracts
creditor insurance effected for the purpose
insuring the repayment
a loan and where it is intended that such a contract will be assigned or deposited with the lender; ( d ) contracts
reinsurance.
sub-article
this Article, in relation to industrial branch insurance business, the insurance undertaking may deliver, by means
its industrial branch agent, a form
notice
cancellation, the insurance policy and any accompanying documents directly to the person seeking an industrial branch policy
insurance. For this purpose, the form
notice
cancellation shall specify that such person has a period
fifteen days from the date
delivery by the industrial branch agent within which to serve the notice on the insurance undertaking.
cancellation
insurance contracts to which the provisions
this Article apply including any conditions and legal effects regarding the arrangements for informing a person that the insurance contract has been concluded shall be determined in accordance with the applicable contract law provisions contained in Article 42
these Regulations.
cancellation referred to in sub-article 3
this Article shall expressly indicate that the person has withdrawn from the proposed insurance contract.
notice
cancellation by a person shall have the effect
releasing that person from any future obligation arising from the insurance contract.
sub-article
this Article a notice
cancellation shall be deemed to be served on the insurance undertaking at the time when such notice is posted to an address as specified by the insurance undertaking.
cancellation in connection with the insurance contract shall be refunded in full by the insurance undertaking.
the serving
notice
cancellation in respect
a single premium life assurance contract, the insurance undertaking may, when the person has withdrawn from the proposed contract, refund the amount
premium paid less any losses incurred by the insurance undertaking as a result
fluctuations in the financial markets during the period
the legal validity
the insurance contract. PART 6 Right
Establishment, Freedom to Provide Services, General Conditions, Prevention
Irregularities 46 Provisions related to right
establishment
a branch outside the State. 46.
fice in the State proposing to establish a branch in another Member State shall notify the Minister
its proposal.
this Article shall provide the following information— ( a ) the Member State within the territory
which the insurance undertaking proposes to establish the branch; ( b ) a scheme
operations setting out, inter alia, the types
business envisaged and the structural organisation
the branch; ( c ) the address in the Member State
the branch from which documents may be obtained and to which they may be delivered, being the address to which all communications to the authorised agent
the branch are sent; ( d ) the name
the authorised agent
the branch being a person possessing sufficient powers to bind the insurance undertaking in relation to third parties and to represent it in relations with the authorities and Courts
the Member State
the branch.
receipt
all the information referred to in sub-article
this Article, furnish such information to the supervisory authority
the Member State
the branch and the Minister shall notify the insurance undertaking concerned accordingly.
the insurance undertaking is inadequate, or the financial situation
the insurance undertaking is inadequate, or ( b ) to doubt the good repute and professional qualifications or experience
the directors
manager or the authorised agent, taking into account the forecast business plan, the Minister shall not be required to furnish the information referred to in sub-articles
this Article to the supervisory authority
the Member State
the branch.
this Article to the supervisory authority
the Member State
the branch the Minister shall notify the insurance undertaking
the grounds for such refusal within three months
receipt
all the information in question.
these Regulations, it shall furnish notification
any such change to the Minister and to the supervisory authorities
the Member State
the branch at least one month before making the change in order, having regard to the proposed changes, for the Minister to exercise the Minister's functions in accordance with sub-articles
these Regulations and for the supervisory authorities
the Member State
the branch to inform the Minister
the conditions under which in the interest
the general good as applied in that Member State, having regard to the proposed changes, the insurance business may be carried on in that State. 48 Conditions for establishing a branch in the State. 48. Where an insurance undertaking not established in the State intends to carry on insurance business by way
a branch in the State, and where the supervisory authorities
that insurance undertaking have furnished to the Minister the appropriate information referred to in sub-article
these Regulations, including a certificate, attesting that the insurance undertaking possesses the minimum solvency margin calculated in accordance with Annex II to these Regulations, the Minister shall, within two months
receiving the information referred to in this Article, and before the branch commences business, notify the supervisory authority
the home Member State
the conditions under which, in the interest
the general good, the insurance business may be carried on in the State. 49 Amendment to branch information. 49. Where an insurance undertaking with a branch established in the State intends to change the information given in respect
these Regulations, it shall furnish a notification
any such change to the Minister at least one month before the change in order that, having regard to the proposed changes, the requirements
these Regulations may be fulfilled. 50 Conditions for carrying on insurance business by way
service into another Member State. 50.
services for the first time in one or more other Member States shall send a notification to the Minister indicating the nature
the commitments which the insurance undertaking proposes to cover.
the notification provided for in sub-article
this Article, furnish the following information to the supervisory authorities
the Member State or Member States within the territories
which the insurance undertaking intends to carry on insurance business by way
services: ( a ) a certificate attesting (if such be the case) that the insurance undertaking possesses the minimum solvency margin in accordance with Annex II to these Regulations; ( b ) the classes
insurance which the insurance undertaking has been authorised to
fer and ( c ) the nature
the commitments which the insurance undertaking proposes to cover in each Member State where the insurance undertaking intends to carry on insurance business by way
services.
services from the date certified by the Minister
the notification
the information referred to in sub-article
this Article.
this Article within the period laid down, the Minister shall notify the insurance undertaking
the grounds for the refusal within the same period. 51 Conditions for carrying on insurance business by way
service into the State. 51.
services into the State on or after the date on which the supervisory authority
its home Member State certifies that it has communicated to the Minister the appropriate information referred to in paragraphs (a), (b) and (c)
sub-article
these Regulations.
services into the State, the Minister shall, in order to give effect to the provisions contained in Article 43
these Regulations, notify the supervisory authority
the home Member State
the conditions under which, in the interest
the general good, the insurance business may be carried on in the State. 52 Amendment to services information. 52. Where the insurance undertaking intends to amend the information provided in accordance with sub-article
these Regulations, it shall be subject to the procedures laid down in accordance with sub-articles
these Regulations. The insurance undertaking shall also be subject to the procedures laid down in accordance with Article 51
these Regulations. 53 General conditions related to services and branch insurance business. 53.
an insurance undertaking which carries on business in the State by way
a branch or by way
provision
services to be supplied in the Irish or the English language.
general and special policy conditions, scales
premiums, technical bases used in particular for calculating scales
premiums and technical reserves, forms and other printed documents which an insurance undertaking with a branch established in the State or providing services into the State intends to use in its dealings with policyholders.
the general and special policy conditions and other documents necessary for the purposes
verifying compliance with the law (including relevant provisions
these Regulations) concerning insurance contracts. This notification shall not constitute a prior condition for an insurance undertaking to carry on insurance business by way
branch establishment or by way
services into the State. 54 Prevention
irregularities. 54.
branch establishment or by way
services into the State, it shall submit to the Minister, on request, all documents which the Minister considers necessary for the purposes
implementing this Article insofar as an insurance undertaking with a head
fice established in the State is also required to do so.
branch establishment or by way
services into the State does not comply with the Insurance Acts and Regulations, the Minister shall by direction require the insurance undertaking to do so.
this Article, the Minister shall inform the supervisory authorities
the home Member State so that they may take all appropriate measures in accordance with Article 40
the Directive.
sub-article
this Article, the measures taken against the insurance undertaking carrying on insurance business by way
services into the State or by way
branch establishment are, in the opinion
the Minister, not adequate and the insurance undertaking continues to contravene the Insurance Acts and Regulations, the Minister may, after informing the supervisory authorities
the home Member State, apply to the Court for such order as to the Court may seem fit, in order to prevent further infringements
the Insurance Acts and Regulations, including insofar as is necessary and in accordance with the Insurance Acts and Regulations, the prevention
that undertaking from continuing to conclude new insurance contracts within the State.
the State to proceed against insurance undertakings transacting business in the State for failing to comply with the laws
the State, including the possibility
preventing insurance undertakings from continuing to conclude new insurance contracts within the State.
the Court under sub-article
the measure.
another Member State request the Minister to take appropriate measures in accordance with Article 40
the Directive in relation to failure to comply with the laws
that State by an insurance undertaking established in the State and which is carrying on insurance business by way
services into the former Member State or by way
a branch establishment, the Minister may apply to the Court for an order enforcing such compliance and shall communicate accordingly to the supervisory authorities
the Member State
provision
services or the Member State
the branch. PART 7 Advertising, Winding-up, Statistical Requirements 55 Advertising. 55. An insurance undertaking may advertise its services, through all available means
communication, in the State subject to any rules governing the form and content
such advertising adopted in the interest
the general good. 56 Winding-up. 56. In the event
an insurance undertaking being wound up, commitments arising from contracts underwritten in the course
carrying on insurance business by way
services or through a branch establishment shall be met in the same way as those arising under that insurance undertaking's other insurance contracts, without distinction
nationality, as far as the insured and the beneficiaries are concerned. 57 Statistical information. 57.
fice in the State shall inform the Minister separately in respect
those transactions effected by it by way
establishment and those effected by it by way
services
the amount
the premiums without deduction
reinsurance, and shall so inform the Minister in respect
each Member State where such transactions are effected and in respect
each
Classes I to VII as defined in Annex I to these Regulations.
this Article within a reasonable period
time and in aggregate form to the supervisory authorities
each
the Member States which so requests. 58 Statistical requirement regarding services and branch insurance business. 58. The Minister may request the supervisory authority
the home Member State
an insurance undertaking which carries on insurance in the State by way
services or by way
branch establishment, to submit the appropriate information referred to in sub-article
and other appropriate information in order that the statistical needs
the State may be fulfilled. 59 Statistical information in the general good. 59. The Minister may, in addition, in the interest
the general good, require an insurance undertaking which has its head
fice in the territory
another Member State and is transacting insurance business in the State to supply such statistical information in such form and manner as the Minister may specify from time to time. PART 8 Fiscal Arrangements, Acquired Rights, Right
Appeal. 60 Fiscal arrangements. 60.
the State.
this Article. 61 Acquired rights. 61.
a branch establishment in the State before the coming into operation
provisions adopted in implementing these Regulations shall be presumed to have been subject to the procedure laid down in accordance with Article 10
the First Directive.
this Article shall, from the date
entry into force
provisions adopted in implementing these Regulations be subject to the relevant provisions laid down in accordance with these Regulations. 62 Right
appeal to Court. 62. Any decision, direction, requirement or request given or made by the Minister under these Regulations may, within twenty-one days from the day on which it was notified to the person concerned be appealed to the Court. PART 9 Provisions Related to Branches
Third Country Insurance Undertakings, Rules Applicable to the Assignment
Third Country Branch Policies, Penalties, Fees 63 Third country branch provisions. 63. Articles 63 to 72
these Regulations apply to a life assurance undertaking whose head
fice is not in a Member State (a "third country undertaking"). 64 Application for authorisation. 64.
life assurance and the business
non-life insurance
a class referred to in Annex I to the European Communities (Non-Life Insurance) Framework Regulations, 1994.
a third country undertaking authorised to undertake life assurance in the State may apply to extend its business to any class
life assurance for which it is not authorised. 65 Conditions
admission. 65. An insurance undertaking having its head
fice situated outside the territories
the Member States applying for an authorisation to establish a branch in the State shall fulfil at least the following conditions: ( a ) it is entitled to undertake insurance business under the law
the State where its head
fice is situated; ( b ) it establishes a branch in the State; ( c ) it undertakes to maintain at the place
management
the branch in the State accounts specific to the business which it undertakes in the State and to keep at that place all the records relating to the business transacted in the State; ( d ) it designates an authorised agent for such purposes as the Minister may require and is approved by the Minister; ( e ) it possesses in the State assets
an amount equal to at least one-half
the minimum amount required by Article
Part B
Annex II to these Regulations in respect
an undertaking to which that Article applies and deposits with the Court one-fourth
that minimum amount as security; ( f ) it undertakes to keep a margin
solvency in accordance with Article 67, ( g ) it submits a scheme
operations in accordance with, insofar as is applicable, Article 7
these Regulations shall establish and maintain technical reserves, including mathematical reserves, adequate to cover the underwriting liabilities assumed in the State in accordance with Article 12
these Regulations. 67 Solvency margin. 67.
this Article, Annex II and Article 36
this Article, account shall be taken only
the premiums or contributions and claims pertaining to the business effected by the insurance undertaking in the State or in another Member State, as appropriate.
the guarantee fund required by Article 68 and any excess shall be retained either in the State or in another Member State. 68 Guarantee Fund. 68.
this Article, Part B
Annex II shall apply to an undertaking to which this Article applies.
a minimum guarantee fund shall not be less than one-half
the minimum required under Article
Part B
Annex II and the deposit lodged under Article 65 (e) shall be reckoned in calculating the amount
a guarantee fund for the purposes
this Article. 69 Annual returns. 69. Save as provided in Article 71, Article 13 shall, insofar as is applicable, apply to an undertaking to which this Article applies as if the insurance undertaking was one whose head
fice is situated in the State. 70 Advances under Article 30
the First Directive. 70.
a branch may apply to the Minister for the advantages specified in Article 30
the First Directive which may be granted only jointly.
the First Directive shall apply in such a case. 71 Application
Articles 36 and 37. 71.
an undertaking which has, in accordance with Article 70, availed itself
the advantages specified in Article 30
the First Directive, the references in Articles 35, 36 and 37
these Regulations to another Member State shall be construed as references to the Member State in which the undertaking in question first commenced to carry on business. 72 Assignment
third country branch insurance policies. 72.
section 13
the Assurance Companies Act, 1909, section 36
the Insurance Act, 1989 , and these Regulations and following consultation with the Minister, an insurance undertaking to which Part 8
these Regulations applies may assign all or part
its portfolio
insurance policies in accordance with the following sub-articles
this Article.
an insurance undertaking whose head
fice is not situated in the territory
a Member State, proposes to assign all or part
its portfolio
insurance policies covering insurance business to an assignee established in the State, the assignment shall not be effected unless the assignee possesses the necessary solvency margin after taking the assignment into account or, where appropriate, the supervisory authorities
the Member State referred to in Article 30
the First Directive certify that the assignee possesses the necessary solvency margin after taking the assignment into account.
an insurance undertaking whose head
fice is not situated in the territory
a Member State, proposes to assign all or part
its portfolio
insurance policies covering insurance business to an assignee with a head
fice in another Member State, the assignment shall not be effected unless the supervisory authorities
the head
fice
the Member State certify that the assignee possesses the necessary solvency margin after taking the assignment into account.
an insurance undertaking whose head
fice is not situated in the territory
a member State may not assign all or part
its portfolio
insurance policies covering insurance business to an undertaking, established in another Member State, whose head
fice is not situated in the territory
a Member State.
this Article, the assignment shall not be affected without the agreement
the supervisory authorities
the Member States in which the commitments are situated if different from the Member State where the branch is established.
the Member States in which the commitments are situated have not given a response indicating consent to or an opinion on the proposed assignment to the Minister within three months
receiving notification
the assignment, the assignment shall be deemed to be agreed.
the Directive, the Minister shall have a period
three months from the date
consultations by the supervisory authorities
the home Member State within which to issue an opinion on or consent to the proposed assignment.
the period referred to in sub-article
this Article, the assignment shall be deemed to be agreed.
two daily newspapers published in the State and published in the Member State where the commitment is situated in accordance with the law
that Member State.
the insurance policies assigned. 73 Penalties. 73.
the Minister thereunder.
these Regulations shall be guilty
an
fence and shall be liable on summary conviction to a fine not exceeding £1,500.
an
fence, a person continues to contravene the provision, that person shall be guilty
an
fence on each day on which the contravention continues and shall be liable on summary conviction to a fine not exceeding £1,500 for each such
fence.
fence under these Regulations is committed by a body corporate and is proved to have been so committed with the consent or connivance
or to be attributable to any neglect on the part
a director, manager, secretary or other
ficer
the body corporate, the director, manager, secretary or other
ficer or any person purporting to act in such capacity shall, as well as the body corporate, be guilty
an
fence and shall be liable to be proceeded against and punished accordingly.
fence under these Regulations may be brought by the Minister. 74 Fees. 74.
the applicant for such authorisation, be sent by post to or left with the Secretary
the Department
Enterprise and Employment and shall be accompanied by— ( a ) if the application is by an undertaking mentioned in Article 6
these Regulations, a fee
£4,000; ( b ) if the application is by an insurance undertaking mentioned in Article 6
these Regulations, a fee
£1,000; ( c ) if the application is by an insurance undertaking mentioned in Article 6
these Regulations which proposes to establish a branch outside the State, a fee
£2,000; ( d ) if the application is by an undertaking mentioned in Article 64
these Regulations, a fee
£2,000; ( e ) if the application is by an undertaking mentioned in Article 64
these Regulations, a fee
£1,000;
sub-article 1
this Article. PART 10 Reciprocity Provisions, Interpretation
Sections 93 and 94
the Insurance Act, 1936 75 Application
articles 75 to 79 to third country undertakings and acquisitions by such undertakings. 75. Articles 75 to 79
these Regulations apply to subsidiaries
parent undertakings governed by the laws
a third country and to acquisitions
holdings by such parent undertakings. 76 Definitions. 76. For the purposes
this Part— "a third country" means a country which is not a Member State; "parent undertaking" and "subsidiary" have the meanings assigned to them in Article 40
authorisations and acquisitions
undertakings governed by the laws
a third country. 77.
any authorisation
a subsidiary, one or more parent undertakings
which are governed by the laws
a third country; ( b ) whenever such a parent undertaking acquires a holding in a European Communities insurance undertaking which is authorised by the Minister such that the latter would become a subsidiary
the former.
one or more parent undertakings governed by the law
third countries, the structure
the group shall be specified in the notification which the Minister shall address to the Commission. 78 Notification to the Commission
difficulties encountered in establishing or carrying on business in a third country. 78. The Minister shall inform the Commission
any general difficulties encountered by insurance undertakings who hold an authorisation granted by the Minister in establishing themselves or carrying on their activities in a third country. 79 Reciprocity measures. 79.
Council Directive 79/267/EEC as inserted by Article 9
the Second Directive, to limit or suspend decisions: ( a ) regarding requests pending at the moment
the decision or future requests for authorisations, and ( b ) regarding the acquisition
holdings by parent undertakings governed by the laws
the third country in question.
the measures referred to in sub-article
this Article shall not, subject to sub-article
this Article, exceed three months.
this Article shall be continued where the Council acting on a proposal from the Commission, has decided before the end
the three month period referred to in sub-article
this Article that such measures shall be continued.
this Article shall not apply to the setting up
subsidiaries by insurance undertakings or their subsidiaries duly authorised in the European Communities or to the acquisition
holdings in European Communities' undertakings by such undertakings or subsidiaries.
the situations as described in paragraphs 3 and 4
Council directive 79/267/EEC as inserted by Article 9
the Second Directive has arisen, the Minister shall inform the Commission, at its request— ( a )
any request for the authorisation
a subsidiary, one or more parent undertakings
which are governed by the laws
the third country in question; ( b )
any plans for such an undertaking to acquire a holding in a European Communities' insurance undertaking such that the latter would become the subsidiary
the former.
this Article shall lapse once an agreement is concluded with the third country referred to in paragraph 3 or 4
Council Directive 79/267/EEC as inserted by Article 9
the Second Directive when the measures referred to in the second or third subparagraph
paragraph 4
the said Article 32b cease to apply.
the European Communities under any international agreement, bilateral or multilateral, governing the taking-up and pursuit
the business
insurance undertakings. 80 Interpretation
Sections 93 and 94
the Insurance Act, 1936 . 80. For the purposes
sections 93 and 94
the Insurance Act, 1936 , and whenever the context so requires, every insurance policy, bond, certificate or other instrument
insurance issued by an insurance undertaking or syndicate carrying on business either by way
services or by way
establishment in respect
risks situated in the State shall be deemed to be issued in the State, and all moneys which become or may become due and payable by such insurance undertaking or syndicate under such insurance policy shall be payable and paid in the State, unless the policy otherwise provides. ANNEX I A. Classes
insurance Class Description I Life assurance and contracts to pay annuities on human life as described in Article 1
the First Directive, but excluding contracts within Classes II and III below. II Contracts
insurance to provide a sum on marriage or on the birth
a child, being contracts expressed to be in effect for a period
more than one year. III The assurances referred to in Article 1
the First Directive which are linked to investment funds. IV Permanent health insurance as defined in Article 2
these Regulations. V Tontines as described in Article 1
the First Directive where these are carried on by an undertaking holding an authorisation. VI Capital redemption operations as described in Article 1
the First Directive where these are carried on by an insurance undertaking holding an authorisation. VII Management
group pension funds as described in Articles 1
the First Directive where these are carried on by an undertaking holding an authorisation. B. Correspondence between classes
life assurance licensed under the Insurance Act, 1936 , and the classes set out in this Annex to these Regulations.
business licensed under the Insurance Act, 1936 . Equivalent classes
insurance business specified in Schedule I to these Regulations. Life Assurance I, II, III, IV, V, VI, VII. Industrial Assurance I, II and III insofar as they relate to Industrial Assurance as defined in the Insurance Act, 1936 . ANNEX II PART A SOLVENCY MARGIN 1. An insurance undertaking whose head
fice is situated in the State shall establish an adequate solvency margin in respect
its entire business in accordance with this Annex. 2. The solvency margin shall correspond to the assets
the insurance undertaking, free
all foreseeable liabilities, less any intangible items, and in representing the amount
the solvency margin the following shall be considered:— ( a ) the paid up share capital or, in the case
a mutual insurance undertaking, the effective initial fund plus any members' accounts which meet all the following criteria: (i) the memorandum and articles
association must stipulate that payments may be made from these accounts to members only insofar as this does not cause the solvency margin to fall below the required level, or, after the dissolution
the insurance undertaking, if all the insurance undertaking's other debts have been settled; (ii) the memorandum and articles
association must stipulate, with respect to any such payments for reasons other than the individual termination
membership, that the competent authorities must be notified at least one month in advance and can prohibit the payment within that period and (iii) the relevant provisions
the memorandum and articles
association may be amended only after the competent authorities have declared that they have no objection to the amendment, without prejudice to the criteria stated in (a) and (b); ( b ) one-half
the unpaid share capital or the initial fund, once the paid-up part reaches 25 per cent.
that share capital or fund, ( c ) reserves (including both statutory reserves and free reserves) not corresponding to underwriting liabilities, ( d ) any carry-forward
profits, ( e ) with the consent
the Minister, cumulative preferential share capital and subordinated loan capital up to 50 per cent.
the margin, no more than 25 per cent.
which shall consist
subordinated loans with a fixed maturity, or fixed term cumulative preferential share capital, and provided the following minimum criteria are met: (i) in the event
the bankruptcy or liquidation
the insurance undertaking, binding agreements must exist under which the subordinated loan capital or preferential share capital ranks after the claims
all other debts outstanding at the time have been settled. Subordinated loan capital must also fulfil the following additional conditions: (ii) only fully paid-up funds may be taken into account; (iii) for loans with a fixed maturity, the original maturity must be at least five years. No later than one year before the repayment date the insurance undertaking must submit to the Minister for approval a plan showing how the solvency margin will be kept at or brought to the required level at maturity, unless the extent to which the loan may rank as a component
the solvency margin is gradually reduced during at least the last five years before the repayment date. The Minister may authorize the early repayment
such loans provided application is made by the issuing insurance undertaking and its solvency margin will not fall below the required level; (iv) loans the maturity
which is not fixed must be repayable only subject to five years' notice unless the loans are no longer considered a component
the solvency margin; (v) the loan agreement must not include any clause providing that in specified circumstances, other than the winding-up
the insurance undertaking, the debt will become repayable before the agreed repayment dates; (vi) the loan agreement may be amended only after the Minister has raised no objection to the amendment; ( f ) with the consent
the Minister securities with no specified maturity date and other instruments that fulfil the following conditions, including cumulative preferential shares other than those mentioned in the preceding indent, up to 50 per cent.
the margin for the total
such securities and the subordinated loan capital referred to in the preceding indent: (i) they may not be repaid on the initiative
the bearer or without the prior consent
the Minister; (ii) the contract
issue must enable the insurance undertaking to defer the payment
interest on the loan; (iii) the lender's claim on the insurance undertaking must rank entirely after those
all non-subordinated creditors; (iv) the documents governing the issue
the securities must provide for the loss-absorption capacity
the debt and unpaid interest, while enabling the insurance undertaking to continue its business; (
the insurance undertaking's future profits; the amount
the future profits shall be obtained by multiplying the estimated annual profit by a factor which represents the average period left to run on policies; the factor used may not exceed 10; the estimated annual profit shall be the arithmetical average
the profits made over the last five years in the activities specified in Article 1
the Directive. (ii) where zillmerizing is not practised or where, if practised, it is less than the loading for acquisition costs included in the premium, the difference between a non-zillmerized or partially zillmerized mathematical reserve and a mathematical reserve zillmerized at a rate equal to the loading for acquisition costs included in the premium; this figure may not, however, exceed 3.5 per cent.
the sum
the differences between the relevant capital sums
life assurance activities and the mathematical reserves for all policies for which zillmerizing is possible; the difference shall be reduced by the amount
any undepreciated acquisition costs entered as an asset; (iii) where approval is given by the supervisory authorities
the Member States concerned in which the undertaking is carrying on its activities, any hidden reserves resulting from the under-estimation
assets and over-estimation
liabilities other than mathematical reserves insofar as such hidden reserves are not
an exceptional nature. (iv) Rules in relation to an application to the Minister in accordance with Article 2 (g)
this Annex are contained in Annex VI to these Regulations. 3. Subject to Part B
this Annex
these Regulations the minimum solvency margin shall be determined as shown below according to the classes
insurance underwritten: ( a ) for the kinds
insurance referred to in Article
the First Directive, other than assurance linked to investment funds, and for the operations referred to
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.