S.I. No. 457/1997 - European Communities (Non-Life

surance and Life Assurance) Framework (Amendment) Regulations, 1997 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory

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strumentsIonstraimí Reachtúla 1997 S.I. No. 457/1997 - European Communities (Non-Life

surance and Life Assurance) Framework (Amendment) Regulations, 1997 S.I. No. 457/1997 - European Communities (Non-Life

surance and Life Assurance) Framework (Amendment) Regulations, 1997 AmendmentsLeasuithe S.I. No. 457 of 1997. EUROPEAN COMMUNITIES (NON-LIFE

SURANCE AND LIFE ASSURANCE) FRAMEWORK (AMENDMENT) REGULATIONS, 1997 I, Mary Harney, Minister for Enterprise, Trade and Employment,

exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purpose of giving effect to Directive 95/26/EC of the European Parliament and of the Council of 29 June 1995, 1 hereby make the following Regulations: 1 O.J. No. L168.18.07.95. p.7 1.

surance and Life Assurance) Framework (Amendment) Regulations, 1997.

to operation on the 15th day of December, 1997. 2.

these Regulations - "the Non-Life

surance Framework Regulations" means the European Communities (Non-Life

surance) Framework Regulations, 1994 ( S.I. No. 359 of 1994 ); "the Life Assurance Framework Regulations" means the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 ); 3. The Non-Life Framework Regulations are hereby amended ( a )

Article 2

sertion after the definition "carrying on

surance business by way of services" of the following definitions: " 'close links' means an arrangement whereby two or more natural or legal persons are united - ( a ) by participation or control, and ( b ) to one and the same person by a control relationship; 'control',

the case of close links, means the relationship between a parent undertaking and a subsidiary undertaking,

all the cases referred to

Article 1

sertion after the definition of "non-life

surance" of the following definition: "'participation',

the case of close links, means the ownership, direct or by way of control, of 20 per cent. or more of the voting rights or capital of an undertaking;". ( b )

Article 6

by the

sertion after paragraph

surance undertaking where - ( a ) the existence of close links between the

surance undertaking and other natural or legal persons, or ( b ) the laws, regulations or administrative provisions of a State which is not a Member State of the European Union governing one or more natural or legal persons with which the

surance undertaking has close links or difficulties

volved

their enforcement, would prevent the effective exercise of his supervisory functions."; ( c )

Article 10

by the

sertion after paragraph

order to carry out his functions under paragraph

surance undertaking to provide the

formation to establish whether there is the existence of close links between the

surance undertaking and another natural or legal person and the degree of such and to provide such other

formation as the Minister may, from time to time, consider necessary."; and ( d )

Article 7

sertion after paragraph (

1. a)of the following paragraph: "(
2. aa)its head office and registered office shall be

the State.". 4. The Life

surance Framework Regulations are hereby amended - ( a )

Article 2

sertion after the definition of "claims payable" of the following definition: " 'close links' means an arrangement whereby two or more natural or legal persons are linked - ( a ) by participation or control, and ( b ) to one and the same person by a control relationship;", (ii) by the

sertion after the definition of "contract of

surance" of the following definition: 'control',

the case of close links, means the relationship between a parent undertaking and a subsidiary undertaking,

all the cases referred to

Article 1

sertion after the definition of "Minister" of the following definition: "'participation',

the case of close links, means the ownership, direct or by way of control, of 20 per cent. or more of the voting rights or capital of an undertaking;". ( b )

Article 6

by the

sertion after paragraph

surance undertaking where - ( a ) the existence of close links between the

surance undertaking and other natural or legal persons, or ( b ) the laws, regulations or administrative provisions of a State which is not a Member State of the European Union governing one or more natural or legal persons with which the

surance undertaking has close links, or difficulties

volved

their enforcement, would prevent the effective exercise of his supervisory functions."; ( c )

Article 10

by the

sertion after paragraph

order to carry out his functions under paragraph

surance undertaking to provide the

formation to establish whether there is the existence of close links between the

surance undertaking and another natural or legal person and the degree of such and to provide such other

formation as the Minister may, from time to time, consider necessary."; and ( d )

Article 7

sertion after paragraph (

1. a)of the following paragraph: "(
2. aa)Its head office and registered office shall be

the State.". 5. Section 35 of the

surance Act, 1989 (No. 3 of 1989), is hereby amended

subsection

sertion - ( a )

paragraph (

1. d)after "auditors" of "or", and ( b ) after paragraph (
2. d)of the following paragraph: "(
3. e)becomes aware of any facts or decisions which are likely to affect materially the

surer's ability to fulfil its obligations to policyholders or meet any of its material financial requirements under the

surance Acts

the course of conducting an audit

an undertaking

a control relationship with the

surer, as defined

Article 1(1) and (2) of Directive 83/349/EC2.".

MARY HARNEY GIVEN under my Official Seal this 12 day of November, 1997. EXPLANATORY NOTE These Regulations implement the mandatory provisions of Directive 95/26/EC

respect of authorised

surance companies. The Regulations empower the Minister to seek

formation about companies related to

surance companies and require auditors of those related companies to

form the Minister of any material circumstances

such a company likely to lead to a breach of the

surance Acts and Regulations

the

surance company. They also require that the registered office of an

surer should be

the Member State of its authorisation. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais

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