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2000 INSURANCE ACT, 2000 ARRANGEMENT

SECTIONS PART 1 Preliminary and General Section

1. Short title, collective citation and commencement.
2. Interpretation. PART 2 The Insurance Acts Chapter 1 Amendments

Act

1989 3. Amendment

section 2

Act

1989 (Interpretation). 4. Amendment

section 3

Act

1989 (

fences and penalties). 5. Amendment

section 22

Act

1989 (Reinsurance). 6. Amendment

Act

1989: insertion

section 22A (Application

Act to reinsurance). 7. Amendment

Act

1989: insertion

Part III

A (Provision

information). 8. Repeal

Part IV

Act

1989 (Regulation

insurance intermediaries). 9. Amendment

section 59

Act

1989 (Appointment

authorised

ficers). 10. Amendment

section 60

Act

1989 (Powers

authorised

ficers). 11. Amendment

Second Schedule to Act

1989 (Increase

penalties). 12. Amendment

Act

1989: Third Schedule (Information for policy holders). Chapter 2 Amendment

Insurance Act, 1936 13. Repeal

section 110

Insurance Act, 1936 (Time limit for prosecution

fences). Chapter 3 Miscellaneous Revocations 14. Revocation and transitional provisions: Life Regulations

2. Revocation: authorised

ficers. PART 3 Amendment

Act

1995 16. Amendment

section 2

Act

1995 (Interpretation). 17. Amendment

Act

1995: insertion

section 13A (Existing insurance intermediaries). 18. Amendment

section 16

Act

1995 (Revocation

authorisation). 19. Amendment

section 17

Act

1995 (Register

investment business firms). 20. Amendment

section 21

Act

1995 (Directions by supervisory authority). 21. Amendment

section 25

Act

1995 (Definition

“investment product intermediary”). 22. Amendment

Part IV

Act

1995 (Investment product intermediaries). 23. Amendment

section 26

Act

1995 (Definition

restricted activity investment product intermediaries). 24. Amendment

section 27

Act

1995 (Requirements for investment product intermediaries). 25. Amendment

section 28

Act

1995 (Obligations on product producers). 26. Disclosure obligations

restricted activity investment product intermediaries. 27. Amendment

section 30

Act

1995 (Issue

receipts). 28. Amendment

section 31

Act

1995 (Register

investment product intermediaries). 29. Amendment

Act

1995: insertion

section 31A (Scope

Part IV

Amendment

section 37

Act

1995 (Code

conduct). 31. Repeal

section 51

Act

1995 (Bonding). 32. Amendment

section 65

Act

1995 (Powers

authorised

ficers). 33. Amendment

section 74

Act

1995 (Power to make determinations for breaches

conditions or requirements). PART 4 Amendment

Central Bank Act

1995 34. Amendment

section 16

Central Bank Act, 1989 (Disclosure

information). SCHEDULE 1 SCHEDULE 2 Acts Referred To Assurance Companies Act, 1909 1909, 9 Edw. 7. c. 49 Central Bank Act, 1989 1989, No. 16 Central Bank Act, 1997 1997, No. 8 Companies Act, 1990 1990, No. 27 Data Protection Act, 1988 1988, No. 25 European Communities Act, 1972 1972, No. 27 European Communities (Amendment) Act, 1993 1993, No. 25 Insurance Act, 1936 1936, No. 45 Insurance Act, 1989 1989, No. 3 Insurance Acts, 1909 to 1990 Investment Intermediaries Act, 1995 1995, No. 11 Investor Compensation Act, 1998 1998, No. 32 Pensions Act, 1990 1990, No. 25 Petty Sessions (Ireland) Act, 1851 1851, 14 amp 15 Vict., c. 93 Solicitors Acts, 1954 to 1994 Transport (Tour Operators and Travel Agents) Act, 1982 1982, No. 3 Number 42

2000 INSURANCE ACT, 2000 AN ACT TO PROVIDE FOR THE AUTHORISATION AND SUPERVISION

INSURANCE INTERMEDIARIES BY THE CENTRAL BANK

IRELAND AND TO ENABLE FURTHER EFFECT TO BE GIVEN TO COUNCIL DIRECTIVE NO. 92/96/EEC

10 NOVEMBER 1992 AND FOR THOSE PURPOSES AND FOR THE PURPOSE

PROVIDING FOR THE DISCLOSURE

INFORMATION IN RELATION TO LIFE ASSURANCE AND NON-LIFE INSURANCE TO AMEND THE INSURANCE ACT, 1989, AND THE INVESTMENT INTERMEDIARIES ACT, 1995, AND TO PROVIDE FOR RELATED MATTERS. [20th December, 2000] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART 1 Preliminary and General Short title, collective citation and commencement. 1.—

the Central Bank Act, 1997 , and section 44 and sections 52 to 69

the Investor Compensation Act, 1998 , may be cited together as the Investment Intermediaries Acts, 1995 to 2000.

Part IV

the Act

1989 effected by section 8

this Act, fix different days for the repeal

different provisions

the said Part IV or for the repeal for different purposes

any such provision.

this Act. Interpretation. 2.—

1989” means the Insurance Act, 1989 ; “Act

1995” means the Investment Intermediaries Act, 1995 .

Act

1989 Amendment

section 2

Act

1989 (Interpretation). 3.—Section 2

the Act

1989 is hereby amended in subsection

the following for the definition

“authorisation”: “‘authorisation’ means an authorisation granted by the Minister under the Regulations

1976, the Regulations

1984, the Non-Life Regulations

1994 or the Life Regulations

1994 to carry on a specified class or description

insurance business;”, (b) by the deletion

the definition

“client”, (c) by the substitution

the following for the definition

“the Insurance Acts”: “‘the Insurance Acts’ means the Insurance Acts, 1909 to 2000, regulations made under those Acts and regulations relating to insurance made under the European Communities Act, 1972 ;”, (d) by the substitution

the following for the definition

“insurance agent”: “‘insurance agent’ has the same meaning as in the Investment Intermediaries Act, 1995 ;”, (e) by the substitution

the following for the definition

“insurance broker”: “‘insurance broker’ has the same meaning as in the Investment Intermediaries Act, 1995 ;”, (f) by the substitution

the following for the definition

“insurance intermediary” or “intermediary”: “‘insurance intermediary’ or ‘intermediary’ has the same meaning as an insurance intermediary under the Investment Intermediaries Act, 1995 ;”, (g) by the insertion

the following after the definition

“insurance intermediary”: “‘insurance undertaking’ or ‘undertaking’ means— (a) the holder

an authorisation as defined in this section, (b) the holder

an

ficial authorisation granted pursuant to— (i) Council Directive No. 73/239/EEC

24 July 19731 as amended or extended from time to time, (ii) Council Directive No. 79/267/EEC

5 March 19792 as amended or extended from time to time, or (iii) the Swiss Confederation Agreement as defined in the European Communities (Swiss Confederation Agreement) Regulations, 1996 ( S.I. No. 25

1996 ), (c) the holder

an

ficial authorisation to undertake insurance in Iceland, Liechtenstein or Norway pursuant to the EEA Agreement within the meaning

the European Communities (Amendment) Act, 1993 , or (d) an insurance undertaking to which Article 6

the Non-Life Regulations

1994 applies;”, (h) by the substitution

the following for the definition

“insurer”: “‘insurer’ has the same meaning as insurance undertaking;”, (i) by the substitution

the following for the definition

“life assurance”: “‘life assurance’ means insurance

a class specified in Part A

Annex I to the Life Regulations

1994;”, (j) by the insertion

the following after the definition

“life assurance”: “‘the Life Regulations

1994’ means the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360

1994 );”, (k) by the substitution

the following for the definition

“non-life insurance”: “‘non-life insurance’ means insurance

a class specified in Part A

Annex I to the Non-Life Regulations

1994;”, (l) by the insertion

the following after the definition

“non-life insurance”: “‘the Non-Life Regulations

1994’ means the European Communities (Non-Life Insurance) Framework Regulations, 1994 ( S.I. No. 359

1994 );”, and (m) by the deletion

the definition

“undertaking”. Amendment

section 3

Act

1989 (

fences and penalties). 4.—Section 3

the Act

1989 is hereby amended by the substitution

the following for subsection

an

fence under this Act shall be liable— (

1. a)on summary conviction, to a fine not exceeding £1,500 or to imprisonment for a term not exceeding 12 months, or to both, or (
2. b)on conviction on indictment, to a fine not exceeding £50,000 or to imprisonment for a term not exceeding 5 years, or to both. (2A) Where a person, after conviction for an

fence under this Act, continues to contravene the provision concerned, such person shall be guilty

an

fence on every day on which the contravention continues and for each such

fence shall be liable to a fine— (

1. a)on summary conviction, not exceeding £200, or (
2. b)on conviction on indictment, not exceeding £5,000. (2B) Summary proceedings for an

fence under this Act may be brought by the Minister. (2C) Notwithstanding the provisions

section 10

the Petty Sessions (Ireland) Act, 1851 , summary proceedings for an

fence under the Insurance Acts may be commenced— (a) at any time within 2 years from the date on which the

fence was committed, or (b) at any time within 6 months from the date on which evidence sufficient, in the opinion

the person by whom the proceedings are initiated, to justify the proceedings, comes to such person’s knowledge, whichever is the later, provided that no such proceedings shall be commenced later than 5 years from the date on which the

fence concerned was committed (2D) Where a person is convicted

an

fence under the Insurance Acts the court shall, unless it is satisfied that there are special and substantial reasons for not so doing, order the person to pay to the Minister the costs and expenses, measured by the court, incurred by the Minister in relation to the investigation, detection and prosecution

the

fence.”. Amendment

section 22

Act

1989 (Reinsurance). 5.—Section 22

the Act

1989 is hereby amended by the substitution

the following for subsection

reinsuring business

a class to which the Insurance Acts apply unless— (a) in the case

a person who holds an authorisation to carry on business in one or more classes, the authorisation extends to those classes

business in which reinsurance is being accepted, or (b) in the case

a person who does not hold an authorisation, the person has given notice

not less than 30 days to the Minister, in such form and manner and including such information as the Minister may prescribe,

the person’s intention to carry on the business

reinsurance. (1A) Subsection

business in the State. (1B) (a) The notice referred to in subsection

the following: (i) ownership and share capital

the company, where applicable; (

1. ii)directors and senior management; (iii) accountants, auditors and solicitors; (
2. iv)the risks proposed to be covered and related policy and other arrangements. (
3. b)Any subsequent changes in the information included in a notice referred to in subsection

the year in which those changes occur. (1C) A person who was carrying on the business referred to in subsection

section 5

the Insurance Act, 2000, shall, not later than 60 days after such commencement, give notice to the Minister, in such form and manner and including such information as may be prescribed,

the person’s intention to continue to carry on that business, and subsection (1B) shall apply to a notice under this subsection as it applies to a notice referred to in subsection

an

fence. (1E) The Minister may direct a company in writing to cease carrying on the business referred to in subsection

the company, false or misleading is included in a notice

the company under subsection

the directors or the senior managers

the company are not suitably qualified to direct and manage the business aforesaid

the company, (e) the Minister considers that the company has not a sufficient number

suitably qualified employees in the State to carry on effectively the business aforesaid, or (f) the Minister is in possession

information showing that the company has engaged in unlawful activities in or outside the State. (1F) Where the Minister proposes to give a direction to a company under subsection (1E)— (a) he shall notify the company in writing

the proposal and shall include in the notification a statement

the reasons for the proposal, (b) the company may, within 28 days

the date

the notification, make submissions in writing to the Minister in relation to the proposal, (c) the Minister shall, before deciding to give a direction and determining its terms, take into consideration any representations made to him pursuant to paragraph (b). (1G) Subsections

section 18 shall apply to a direction under this section as they apply to a direction under that section with any necessary modifications.”. Amendment

Act

1989: insertion

section 22A (Application

Act to reinsurance). 6.—The Act

1989 is hereby amended by the insertion

the following after section 22: “Application

Act to reinsurance. 22A.—

policy holders and in the interest

the orderly and proper regulation

the insurance industry, the Minister may by regulations provide for the application with such (if any) necessary modifications as are specified in the regulations, to the business

reinsuring business

a class to which the Insurance Acts apply

such provisions

those Acts as are so specified.

the foregoing, the regulations may— (a) prohibit the carrying on by the person

the business

reinsuring business other than under and in accordance with an authorisation, (b) provide for the grant

, and the refusal to grant, authorisations by the Minister, (c) provide for the attachment

conditions by the Minister to authorisations, (d) provide for the suspension or revocation

an authorisation by the Minister where the holder contravenes a provision

the Insurance Acts or a condition attached to the authorisation, (

1. e)specify criteria which the Minister shall take into account (whether with such other criteria as the Minister may consider appropriate or otherwise, as the regulations may specify) before deciding to grant or refuse to grant or to suspend or revoke an authorisation, (
2. f)specify the form and manner

applications for the grant

authorisations, (g) provide for the payment

fees to the Minister in respect

applications for and the grant

authorisations, (h) require the provision to the Minister, in respect

such applications as aforesaid

such information as he or she may reasonably require and for the refusal by the Minister to grant authorisations where such information is not provided to the Minister, (i) provide for the making

returns to the Minister in respect

such matters and at such times as may be specified, (j) provide for the notification by the Minister

the person concerned

a proposal to refuse to grant or to suspend or revoke an authorisation and for the making

submissions to, and their consideration by, the Minister before deciding whether to give effect to the proposal, and (k) provide for appeals to the High Courtagainst refusals by the Minister to grant authorisations or against revocations or suspensions by the Minister

authorisations.

reinsuring business by virtue

section 22

an

fence.

the business

reinsuring business

a class specified in the authorisation.”. Amendment

Act

1989: insertion

Part III

A (Provision

information). 7.—The Act

1989 is hereby amended by the insertion

the following after Part III: “PART IIIA Provision

Information Interpretation. 43A.—

which is set out for convenience

reference in the Third Schedule (as inserted by section 12

the Insurance Act, 2000); ‘client’ means— (

1. a)a person who proposes for insurance directly to an insurer or through an insurance intermediary or who requests an insurance intermediary to arrange insurance on his behalf, or (
2. b)a person who is a policyholder; ‘Directive’ means Council Directive No. 92/96/EEC

10 November 1992

a policy

insurance where it is surrendered by the policyholder to an insurer.

this Part, a court shall give to it a construction that will give effect to the Directive, and for this purpose a court shall have regard to the provisions

the Directive, including the preambles. Provision

information pursuant to Directive (life assurance). 43B.—An insurer or an insurance intermediary shall, pursuant to the Directive, in relation to life assurance, provide to a client— (a) before the conclusion

a policy

insurance, the information specified in Part A

Annex II, and (b) during the term

a policy

insurance, the information specified in Part B

Annex II, and the Minister may prescribe the form and manner in which such information is to be provided, including the form

a declaration to be signed by a client on receipt

the information and the manner and period in which the declaration is to be signed. Language

information. 43C.—

insurance or copies thereof, shall, subject to section 108

the Insurance Act, 1936 , be provided in the English language.

insurance is the law

another Member State

the European Communities, the client may request that the information specified in section 43B, and policies

insurance or copies thereof, be provided in the

ficial language or languages

that Member State. Further information to be provided (life assurance and non-life insurance). 43D.—

, policies

insurance and related matters— (a) before the conclusion

such policies, and (b) during the term

such policies, which information shall be provided in such form and manner as may be prescribed by the Minister.

the sale

policies

insurance to be provided to clients

insurers and insurance intermediaries shall be such as to ensure that the requirements in the regulations regarding disclosure

the remuneration

sales employees

insurers shall, in so far as is possible, be equivalent to those regarding disclosure

the payments

commission by insurers to insurance intermediaries.

ensuring compliance with the regulations.

insurance or persons or to any other matter as may be considered by the Minister to be appropriate. Regulations (life assurance). 43E.—

subsection

section 43D, regulations made under that subsection may provide in relation to life assurance: (a) that any or all

the following information shall be provided by an insurer or insurance intermediary to a client before the conclusion

the policy

insurance concerned: (i) the type

policy; (ii) the purpose and intention

the policy; (iii) whether the policy replaces, in whole or in part, an existing policy with the insurer concerned or any other insurer which has been or is to be cancelled or in respect

which any benefit or cover has been or is to be reduced; (

1. iv)where an existing policy has been or is to be cancelled or any benefit or cover has been or is to be reduced, the financial consequences, if any, for the client; (
2. v)a written statement that the premium includes the cost

the policy and any other amount payable, if any; (vi) the circumstances in which a premium may be reviewed or increased and the consequences

any failure by the client to review or increase the premium; (vii) an illustrative table which sets out the projected benefits and the surrender or maturity value

the policy and the charges, expenses and any other amount payable, if any; (viii) the consequences for the client

surrender

a policy; (ix) the consequences

non-payment

premiums; (x) the consequences

failing to disclose material facts or providing incorrect information when completing a proposal for a policy; (

1. xi)the circumstances in which a policy may be cancelled or amended by an insurer or insurance intermediary; (
2. b)the form

a declaration to be signed by a client on receipt

the information prescribed under section 43D and the manner and period in which the declaration is to be signed; (c) the form and manner

illustrations

the amounts

any projected benefits, expenses, charges or other payments payable and

illustrations

the means by which the amounts aforesaid are calculated; (d) that in the case

a policy

insurance which acquires a surrender or projected maturity value the insurer shall, at such time or times and in such form and manner as the Minister may prescribe, provide the client with— (i) a written statement

the current premium payable and the current surrender or maturity value, and (ii) such further information as the insurer considers appropriate.

subsection

the following: (i) that the illustrations referred to in that provision shall be prepared in accordance with— (I) the advice

an actuary, and (II) any guidance notes issued bythe Society

Actuaries in Ireland for that purpose; (ii) the form and manner and content

a declaration to be furnished by the insurer that all information requested by the actuary pursuant to his or her functions under the regulations concerned has been provided to the actuary and is accurate; (iii) the form and manner and content

a certificate to be furnished by the actuary that the advice given by the actuary and any guidance notes issued by the Society

Actuaries in Ireland have been complied with by the insurer in relation to the illustrations concerned. (

1. b)In this subsection, ‘actuary’ means— (
2. i)where an insurance undertaking is required to have an actuary, the person appointed to act as actuary to the insurance undertaking, or (
3. ii)in any other case, an actuary, being a Fellow Member

the Society

Actuaries in Ireland, nominated by the insurance undertaking, to carry out any function relating to the business

the insurance undertaking which is required by the Insurance Acts to be undertaken by an actuary. Regulations (non-life insurance). 43F.—

subsection

section 43D, regulations made under that subsection may provide in relation to non-life insurance: (a) that any or all

the following information shall be provided by an insurer or insurance intermediary to a client before or after the conclusion

the policy

insurance concerned: (i) a written statement which shall specify— (I) the amount

the premium, (II) in the case

an insurance intermediary, the amount

the commission payment and any other amount payable to the insurance intermediary, if any, and the percentage

the premium represented by such commission payment or other amount, (III) the amount

any discount and the percentage

the premium represented by such discount, and (IV) the cost to the insurer

underwriting that part

the risk to be insured which relates to previous claims, if any, made by the client concerned; (ii) where applicable, a written statement that any commission payment payable is subject to a statutory notice issued by the Minister under section 37; (iii) the terms and conditions

the policy including restrictions or limitations; (iv) the consequences

failing to disclose material facts or providing incorrect information when completing a proposal for a policy; (v) particulars

any rating factor applicable and

any additional amount payable by reason

it; (vi) details

the dispute resolution procedures, where applicable; (vii) details, including the amount,

that part

an insurance claim required to be paid by the client, where applicable; (viii) in the case

an instalment scheme for the payment

a premium, the amount

interest which is payable on the premium; (ix) an explanation

the subrogation provisions

the policy, where applicable; (x) the amount (expressed as a percentage

the premium)

any tax or levy payable by the client in respect

the policy concerned; (b) the form

a declaration to be signed by a client on receipt

the information prescribed under section 43D and the manner and period in which the declaration is to be signed; (c) that during the term

a policy

insurance, the insurer or insurance intermediary concerned shall provide to the client renewal notices which shall— (

1. i)be furnished subject to such prescribed time limits, and (
2. ii)include such information prescribed under section 43D, as the Minister considers appropriate.

the policy,

any endorsements to the policy and

the notice. Obligations (information to certain trustees). 43FF.—The Minister may by regulations provide for the giving by insurers to trustees

occupational pension schemes

such information as they may reasonably request for the purpose

their compliance with the provisions

the Pensions Act, 1990 .

fences. 43G.—A person who— (a) contravenes a provision

regulations made under this Part, or (b) makes a false representation in relation to the matters specified in those regulations, knowing or having reason to believe that the representation is false, shall be guilty

an

fence.”. Repeal

Part IV

Act

1989 (Regulation

insurance intermediaries). 8.—Part IV

the Act

1989 is hereby repealed. Amendment

section 59

Act

1989 (Appointment

authorised

ficers). 9.—Section 59

the Act

1989 is hereby amended by the substitution

the following for that section: “59.—

ficers for the purposes

the Insurance Acts and may revoke such authorisations.

ficer pursuant to this section shall be furnished with a certificate

appointment and shall, if so required, when exercising any power conferred on him by this Act, produce such certificate or a copy

it duly authenticated by the Minister or such other person appointed by the Minister for that purpose and a form

personal identification.”. Amendment

section 60

Act

1989 (Powers

authorised

ficers). 10.—Section 60

the Act

1989 is hereby amended by the substitution

the following for that section: “60.—

— (

1. a)an insurer or insurance intermediary, (
2. b)an associated undertaking or a related undertaking

an insurer or insurance intermediary, or (c) any other person whom the Minister has reason to believe provided or is providing insurance or purported or is purporting to act as an insurer or insurance intermediary.

ficer may do all or any

the following: (a) subject to subsection

any policy, bond, certificate or other instrument

insurance, or in relation to the acceptance

any premium in respect

a policy, bond, certificate or other instrument

insurance are kept, and search and inspect the premises and such books, records or other documents on the premises; (b) secure for later inspection any premises or any part

a premises in which books, records or other documents are kept or there are reasonable grounds for believing that such books, records or other documents are kept; (c) require any person to whom this section applies or any person employed by such person to produce to the authorised

ficer such books, records or other documents and in the case

information in a non-legible form to reproduce it in a legible form or to give to the

ficer such information or explanation as the

ficer may reasonably require in relation to any entries in such books, records or other documents; (d) inspect and take copies

or extracts from, or remove for a reasonable period for further examination, any books, records, data (within the meaning

the Data Protection Act, 1988 ) or other documents in whatever form kept (including, in the case

information in a non-legible form, a copy

or extract from such information in a permanent legible form) which the

ficer finds or which is produced to the

ficer in the course

inspection; (e) require any person to whom this section applies or any person employed by such person to give to the authorised

ficer such information as the

ficer may reasonably require in relation to any entries in such books, records or other documents; (f) require any person to whom this section applies to give to the authorised

ficer any information which the authorised

ficer may require in regard to the business or activity concerned or in regard to the persons carrying on such business or activity or employed in connection therewith; (g) require any person by whom or on whose behalf data equipment is or has been used or any person having charge

, or otherwise concerned with the operation

, the data equipment or any associated apparatus or material, to afford the authorised

ficer reasonable assistance in relation thereto; (h) summon, at any reasonable time, any other person employed in connection with the business or activity concerned to give to the authorised

ficer any information which the

ficer may reasonably require in regard to such business or activity and to produce to the authorised

ficer any books, records or other documents which are in that person’s power or control; (i) require any person employed in the premises concerned to prepare a report on specified aspects

the business or activities

a person to whom this section applies or to explain entries in any books, records, documents or other materials furnished.

ficer shall not, other than with the consent

the occupier, enter a private dwelling unless he has obtained a warrant issued by a judge

the District Court under subsection

an authorised

ficer and permit the authorised

ficer to inspect and take copies

, or extracts from, them, (b) at the request

an authorised

ficer, give any information which may be reasonably required with regard to them, and (c) give such other assistance and information to an authorised

ficer as is reasonable in the circumstances.

a book, record or other document is required claims a lien thereon the production

it shall be without prejudice to the lien.

any information which the person would, in the opinion

the Court, be entitled to refuse to produce on the grounds

legal professional privilege or authorise the taking possession

any document containing such information which is in his possession.

ficial assignee or any person who is or has been an

ficer or employee or agent

a person to whom this section applies, or who appears to the Minister or the authorised

ficer to have the information, document, material or explanation in his possession or under his control.

ficer, where he considers it necessary, may be accompanied by a member

the Garda Síochána when performing any powers conferred on an authorised

ficer by this Act.

the District Court is satisfied on the sworn information

an authorised

ficer that there are reasonable grounds for suspecting that there is information required by an authorised

ficer under this section held on any premises or any part

any premises, the judge may issue a warrant authorising an authorised

ficer, accompanied by other authorised

ficers or by a member

the Garda Síochána, at any time or times within one month from the date

issue

the warrant, on production

the warrant if so requested, to enter the premises, if need be by reasonable force, and exercise all or any

the powers conferred on an authorised

ficer under this section.

ficer in the exercise

a power under this Act, (b) gives to an authorised

ficer information which the person knows is false or misleading, or (c) without reasonable excuse, fails to comply with a request or requirement made by an authorised

ficer under this Act, shall be guilty

an

fence.

ficer, employee, shareholder or agent

a person to whom this section applies refuses to produce to an authorised

ficer when requested to do so any book or document which it is his duty under this section to produce, or refuses to cooperate with an authorised

ficer when required to do so, or refuses to answer any question put to him by an authorised

ficer with respect to the affairs

the insurer or insurance intermediary, the authorised

ficer may certify the refusal under his hand to the Court. (b) Where a refusal is certified to the Court, the Court may enquire into the case and, after hearing any witnesses who may be produced against or on behalf

the

ficer, employee, shareholder or agent

the person to whom this section applies and any statement which may be

fered in defence, make any order or direction as it thinks fit. (

1. c)An order or direction made under paragraph (
2. b)may include a direction to the person concerned to attend or re-attend before the authorised

ficer or produce particular books or documents or answer a particular question put to him by the authorised

ficer, or a direction that the person concerned need not produce a particular book or document or answer a particular question put to him by the authorised

ficer.

ficers or persons to whom this section applies; ‘associated undertaking’ and ‘related undertaking’ have the same meaning as in the Investment Intermediaries Act, 1995 ; ‘person to whom this section applies’ means a person referred to in subsection

Second Schedule to Act

1989 (Increase

penalties) 11.—The Second Schedule to the Act

1989 is hereby amended by the substitution for that Schedule

the Schedule set out in Schedule 1 to this Act. Amendment

Act

1989: Third Schedule (Information for policy holders). 12.—The Act

1989 is hereby amended by the addition after the Second Schedule

the Schedule set out in Schedule 2 to this Act. Chapter 2 Amendment

Insurance Act, 1936 Repeal

section 110

Insurance Act, 1936 (Time limit for prosecution

fences). 13.— Section 110

the Insurance Act, 1936 , is hereby repealed. Chapter 3 Miscellaneous Revocations Revocation and transitional provisions: Life Regulations

1994. 14.—

Article 45

, and Annex III to, the Life Regulations

1994 are hereby revoked.

the Life Regulations

1994) and the policy

insurance has not issued before the commencement

Part III

A

the Act

1989, sub-articles

Article 45

, and paragraphs 1 to 16

Annex III to, the Life Regulations

1994, shall continue to apply to the proposal, and (b) where a policy

insurance has issued before the commencement

the said Part IIIA, the said sub-articles

Article 45

and paragraphs 17 to 22

the said Annex III shall continue to apply to the policy Revocation: authorised

ficers. 15.—

1984 ) are hereby amended by the revocation

Articles 37 and 38 (both inserted by the European Communities (Life Assurance) (Amendment) Regulations, 1985 ( S.I. No. 296

1985 )).

1976 ) are hereby amended by the revocation

Articles 35 and 36 (both inserted by the European Communities (Non-Life Insurance) (Amendment) Regulations, 1985 ( S.I. No. 297

1985 )). PART 3 Amendment

Act

1995 Amendment

section 2

Act

1995 (Interpretation). 16.—

the Act

1995 is hereby amended in subsection

the following after the definition

“indirect subsidiary”: “‘insurance agent’ means an insurance intermediary acting for a limited number

insurance undertakings as specified in section 25C

this Act; ‘insurance broker’ means an insurance intermediary acting with the freedom

choice described in section 25B

this Act; ‘insurance intermediary’ means any person who, on a professional basis— (a) assists or

fers to assist third parties in the placing or taking-up

insurance, or (b) gives or

fers to give advice regarding insurance policies to third parties, but does not include an insurance undertaking or an employee

an insurance undertaking when the employee is acting for that insurance undertaking; ‘insurance undertaking’ has the same meaning as in the Insurance Act, 1989 ;”, (b) in the definition

“investment instruments”— (i) by the insertion

the following after paragraph (l): “(

1. m)insurance policies;”, and (
2. ii)in paragraph (III) by the deletion

“, or an insurance policy”, (c) by the insertion

the following after the definition

“investment limited partnership”: “‘investor’ includes a client

an investment business firm or

an insurance intermediary;”, (d) by the insertion

the following after the definition

“investment limited partnership”: “‘life assurance’ has the same meaning as in the Insurance Act, 1989 ; ‘life assurance intermediary’ means a person who acts as an insurance intermediary in respect

life assurance;”, (e) in the definition

“

ficer” by the insertion after “by whatever name called”

“and includes a shadow director within the meaning

the Companies Act, 1990 ,”, (f) by the insertion

the following after the definition

“

ficial Assignee”: “‘non-life insurance’ has the same meaning as in the Insurance Act, 1989 ; ‘non-life insurance intermediary’ means a person who acts as an insurance intermediary in respect

non-life insurance;”, (g) by the substitution

the following for the definition

“product producer”: “‘product producer’ means a firm, institution, collective undertaking, investment company or insurance undertaking

the kind referred to in section 26

this Act;”, (h) by the insertion

the following after the definition

“regulated market”: “‘the Regulations

1989’ mean the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78

1989 ), and includes any subsequent amendments thereto;”, and (i) by the insertion

the following after the definition

“supervisory authority”: “‘tied insurance agent’ means an insurance agent who enters into— (a) an agreement or arrangement with an insurance undertaking whereby the agent undertakes to refer all proposals

insurance to that insurance undertaking, or (b) an agreement or arrangement with an insurance undertaking which restricts in any way the agent’s freedom to refer proposals

insurance to any insurance undertaking other than the insurance undertaking with whom the agent entered into that agreement or arrangement;”.

the Act

1995 is hereby amended in subsection

the following for paragraph (h): “(h) credit institutions which provide investment business services or investment advice.”. Amendment

Act

1995: insertion

section 13A (Existing insurance intermediaries). 17.—The Act

1995 is hereby amended by the insertion

the following after section 13: “Existing insurance intermediaries. 13A.—

this Act, a person who is an insurance intermediary on the day immediately prior to the coming into operation

section 16

the Insurance Act, 2000, and who is not deemed to be authorised under Part IV or VII

this Act may stand authorised, on the coming into operation

section 16

the Insurance Act, 2000, as an authorised investment business firm until the supervisory authority has granted or refused authorisation to it, provided that no later than 3 months after the coming into operation

section 16

the Insurance Act, 2000, that person applies to the supervisory authority under section 10

this Act for authorisation.

this section, references in section 10

this Act to a proposed investment business firm shall be construed as references to a person who stands authorised as an investment business firm under subsection

this section.

this section, or during the 3 months referred to in that subsection, or during both such times, the supervisory authority may do all or any

the following: (a) impose such conditions or requirements or both as it thinks fit relating to the proper and orderly regulation and supervision

the investment business firm or in relation to the protection

clients, including conditions and requirements, or both, which relate to matters in an associated undertaking, a related undertaking, or in both; (b) issue directions under this Act.

this section refers may appeal to the Court against the conditions or requirements imposed under subsection

this section.

this section, the Court may confirm, vary or rescind any condition or requirement imposed under subsection

this section.”. Amendment

section 16

Act

1995 (Revocation

authorisation). 18.—Section 16

the Act

1995 is hereby amended in subsection

the following paragraph for paragraph (k): “(k) a director, manager or qualifying shareholder

a person who is an authorised investment business firm or is deemed by virtue

section 26 or 63

this Act to be such a firm no longer satisfies the supervisory authority as to the matters specified in paragraphs (d) and (e)

section 10

this Act,”. Amendment

section 17

Act

1995 (Register

investment business firms). 19.—Section 17

the Act

1995 is hereby amended by the substitution

the following subsection for subsection

the public on payment

such fee as it may specify, and (b) the publication, in electronic form or such other form as it considers appropriate,

the register or registers aforesaid.”. Amendment

section 21

Act

1995 (Directions by supervisory authority). 20.—Section 21

the Act

1995 is hereby amended by the insertion in subsection

the following: “(bb) has failed to provide to the supervisory authority within such reasonable period as may be specified by it such information as it may reasonably request for the purpose

its functions under section 20

this Act, or”. Amendment

section 25

Act

1995 (Definition

“investment product intermediary”). 21.—Section 25

the Act

1995 is hereby amended by the substitution

the following for that section: “25.—In this Act, ‘investment product intermediary’ means an investment business firm or a solicitor holding a practising certificate (within the meaning

the Solicitors Acts, 1954 to 1994) who does all or any

the following: (

1. a)acts as a deposit agent or as a deposit broker; (
2. b)provides a service for the reception and transmission

orders to a product producer in— (i) units or shares in undertakings for collective investments in transferable securities within the meaning

the Regulations

1989, (

1. ii)units in a unit trust, (iii) other collective investment scheme instruments, (
2. iv)shares in a company which are listed on a stock exchange, (
3. v)bonds listed on a stock exchange or prize bonds, (
4. vi)tracker bonds, or (vii) insurance policies.”. Amendment

Part IV

Act

1995 (Investment product intermediaries). 22.—PartIV

the Act

1995 is hereby amended by the insertion

the following after section 25: “Acting as insurance intermediary. 25A.—

life assurance or non-life insurance unless he is in a position to place insurance

that form with at least 5 insurance undertakings. Acting as insurance agent. 25C.—A person shall not act as, or hold himself out to be, an insurance agent in respect

life assurance or non-life insurance unless he is in a position to place insurance

that form with no more than 4 insurance undertakings. Acting as tied insurance agent. 25D.—

insurance which— (a) are

fered or issued by an insurance undertaking other than the undertaking with whom the tied insurance agent has entered into a tied agency agreement or arrangement, and (b) are for the same form

insurance (whether life assurance or non-life insurance) as the contracts

insurance

fered or issued by the insurance undertaking with whom the tied insurance agent has entered into a tied agency agreement or arrangement.

the type described in the definition, in section 2

this Act,

‘tied insurance agent’. Provisions regarding scope

agency. 25E.—

the insurance undertaking to whom a proposal

insurance is being made when, for the purpose

the formation

the insurance contract, the agent completes or helps the proposer

the contract to complete, a proposal for insurance.

this section shall the undertaking be responsible for any errors or omissions in the completed proposal.

its tied insurance agent in respect

any matter relating to a contract

insurance

fered or issued by that undertaking

a form (whether life assurance or non-life insurance) to which the tied agency agreement or arrangement relates, as if the tied insurance agent was an employee

that undertaking.

an insurance policy. Acceptance by insurance intermediary

insurance proposals. 25F.—

this Act to do so and— (a) in respect

a proposal, unless it is accompanied by the completed proposal or unless the proposal has been accepted by the insurance undertaking, or (b) in respect

a renewal

a policy

insurance, unless the renewal has been invited by the insurance undertaking.

this section.

money, with a view to effecting with an undertaking a policy

insurance, or (b) money in respect

a proposal accepted by an undertaking or in respect

renewal

a policy

insurance which has been invited by the undertaking, the insurance intermediary shall serve on the client a document which complies with section 30

this Act.

this section applies, the acceptance by the insurance intermediary

a completed insurance proposal does not itself constitute the effecting

a policy

insurance. Treatment

premiums paid to insurance intermediaries. 25G.—

a renewal

a policy which has been invited by an insurance undertaking, or in respect

a proposal accepted by an undertaking, the premium shall be treated as having been paid to the insurance undertaking when it is paid to the insurance intermediary.

a proposal accepted by an insurance undertaking or a renewal

a policy which has been invited by the insurance undertaking, where the insurance undertaking has given reasonable notice in writing to the person whose proposal has been accepted or whose policy is being renewed, that the intermediary has no authority to collect such premiums on behalf

the insurance undertaking.”. Amendment

section 26

Act

1995 (Definition

restricted activity investment product intermediaries). 23.—Section 26

the Act

1995 is hereby amended— (a) in subsection

the following for everything before subparagraph (i): “In this Act, ‘restricted activity investment product intermediary’ means a person whose only investment business service is engaging in, or providing investment advice in relation to, any or all

the following services: (a) receiving and transmitting orders in units or shares in undertakings for collective investment in transferable securities within the meaning

the Regulations

1989, units in a unit trust, other collective investment scheme instruments, or shares in a company which are listed on a stock exchange or bonds so listed or prize bonds, tracker bonds or insurance policies; (b) acting as a deposit agent or deposit broker, and who, in the course

engaging in any

those services, transmits orders only to all or any

the following product producers:”, (

1. ii)in subparagraph (
2. vi)by the substitution for “scheme,”

“scheme;”, (iii) by the insertion

the following after subparagraph (vi): “(vii) insurance undertakings,”, (

1. iv)in clause (I)— (I) by the substitution for “subparagraphs (
2. i)to (vi)”

“subparagraphs (i) to (vii)”, and (II) by the deletion after “

orders,”

“or”, (v) in clause (II) by the substitution for “credit institution.”

“credit institution,” and (vi) by the insertion

the following after clause II): “(III) taking cash from a client in circumstances to which section 25G applies when acting as an insurance intermediary, or (IV) taking cash from a client in circumstances to which section 25E applies when acting as a tied insurance agent.”, (b) by the insertion

the following after subsection

section 16

the Insurance Act, 2000, shall, while that person remains a restricted activity investment product intermediary and notwithstanding subsection

this section and section 10

this Act, be deemed to be an authorised investment business firm for the purposes

this Act provided that— (a) the restricted activity investment product intermediary has not had its authorisation revoked under section 16

this Act and not re-instated, (b) no

ficer

the restricted activity investment product intermediary has been an

ficer

an investment business firm which has had its authorisation revoked under section 16

this Act and not re-instated, (c) the restricted activity investment product intermediary furnishes to the supervisory authority not later than 3 months from the commencement

this section, in such form as the authority may specify, such information as it may reasonably require, for the purposes

its functions under this section, in relation to such matters as the authority may specify, and (

1. d)there has not been a failure by— (
2. i)the restricted activity investment product intermediary or a related undertaking

the intermediary, or (ii) an

ficer

the intermediary or the undertaking, to comply with a condition, requirement or direction imposed by the supervisory authority under this Act that is, in the opinion

the supervisory authority, prejudicial to the proper and orderly regulation and supervision

investment business firms or the protection

investors or both.”, (c) by the substitution

the following for subsection

regulations made under section 43D to implement section 43E

the Insurance Act, 1989 .”, and (d) by the insertion

the following subsection: “

this section shall apply without prejudice to any

the powers

a supervisory authority in relation to this Act.”. Amendment

section 27

Act

1995 (Requirements for investment product intermediaries). 24.—Section 27

the Act

1995 is hereby amended— (a) by the deletion

paragraph (a), (

1. b)in paragraph (
2. c)by the insertion after “provisions

this Act”

“and, insofar as he is acting as an insurance intermediary, with the provisions

the Insurance Acts,”, and (c) by the designation

that section as subsection

the following: “

this section, where it considers that the clients

the intermediaries are otherwise adequately protected, the supervisory authority may, from time to time, exempt a class or classes

intermediary from the requirement to hold professional indemnity insurance.”. Amendment

section 28

Act

1995 (Obligations on product producers). 25.—Section 28

the Act

1995 is hereby amended— (a) by the substitution

the following for subsection

orders in units or shares in undertakings for collective investments in transferable securities within the meaning

the Regulations

1989 and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments, shares in a company or bonds which are listed on a stock exchange, prize bonds, tracker bonds or insurance policies, or in acting as a deposit agent or as a deposit broker or any or all

these, and may not pay any commission, fee or other reward to an investment product intermediary, or accept any orders transmitted by, or any insurance placed by, an investment product intermediary on behalf

a client, unless to the best

the product producer’s knowledge and belief, having caused reasonable enquiry to be made, the investment product intermediary— (a) is a certified person, or (b) is

good character, and— (

1. i)otherwise complies with this Act, and (
2. ii)where the product producer is an insurance undertaking, complies with the Insurance Acts.”, (
3. b)by the substitution

the following for subsection

subsection

this section, assume that an investment product intermediary authorised under section 10 or 13

this Act as an investment business firm or authorised by a competent authority in another Member State to perform functions corresponding to those

an investment product intermediary is in compliance with this Act and the Insurance Acts.”, and (c) in subsection

“or pay any commission, fee or other reward to the investment business firm”, and (ii) by the insertion

the following before paragraph (a): “(aa) which, to the best

the product producer’s knowledge and belief, complies with this Act and, if the investment business firm is an insurance intermediary, with the Insurance Acts,”. Disclosure obligations

restricted activity investment product intermediaries. 26.—The Act

1995 is hereby amended by the substitution

the following section for section 29: “29.—The supervisory authority may, if it considers it appropriate to do so, require investment product intermediaries or any class or classes

such intermediaries (including credit institutions when acting as such intermediaries) to disclose in communications (including advertisements) made by them in any form or manner (including electronic communications) and on first entering into an investment business service relationship with a client one or more

the following: (a) that it is not within their terms

authorisation to accept cash or other funds or securities on behalf

their clients or to act on a discretionary basis in the management

client funds, (b) their categories

authorisation under this Act and the types

investment business services to which they relate, (c) the names

the product producers from whom they hold appointments in writing, (d) any restrictions imposed by product producers on the types

business that those intermediaries may accept, and (e) any other information that, in the opinion

the supervisory authority, will contribute to the proper and orderly regulation

investment product intermediaries and the protection

their clients.”. Amendment

section 30

Act

1995 (Issue

receipts). 27.—Section 30

the Act

1995 is hereby amended by the substitution

the following for that section: “30.—

conduct which may be issued or approved

by a supervisory authority under section 37

this Act, an investment product intermediary shall issue a receipt for each non-negotiable or negotiable instrument or other payment received for the purposes

transmitting an order or a deposit to a product producer and the receipt shall state succinctly the terms and conditions upon which a transaction was entered into.

this section shall state that it is issued pursuant to this section and shall, subject to such alterations or additions as may be prescribed under subsection

this section, specify the following: (a) the name and address

the investment product intermediary; (b) the name and address

the person furnishing the instrument or payment, or an alternative form

identification approved by the supervisory authority for the purpose; (c) the value

the instrument or payment received from the person furnishing it and the date on which it was received; (d) the purpose

the payment; (e) the name

the product producer in whose favour the payment is made; (f) in the case

an insurance intermediary, that the acceptance by the insurance intermediary

a completed insurance proposal does not itself constitute the effecting

a policy

insurance.

a receipt issued under subsection

this section until the expiry

6 years after the receipt was issued.

an

fence.

this section, a document purporting to be a document to which subsection

this section applies shall, without further proof, be evidence

the matters specified in it unless the contrary is shown.

section 31

Act

1995 (Register

investment product intermediaries). 28.—Section 31

the Act

1995 is hereby amended— (a) in subsection

“and the product producer concerned shall arrange for its publication in electronic form or such other form as it considers appropriate”, (b) in subsection

“and such a register may be in electronic form or such other form as he or she considers appropriate”, and (c) in subsection

the Investor Compensation Act, 1998 )— (i) in paragraph (a), by the substitution for “newspapers circulating in the State”

“national newspapers”, and (ii) in paragraph (b), by the substitution for “newspapers circulating in the State”

“national newspapers within 28 days

having informed the investment product intermediary

the discontinuance”. Amendment

Act

1995: insertion

section 31A (Scope

Part IV

). 29.—The Act

1995 is hereby amended by the insertion

the following after section 31: “Scope

Part IV

travel insurance or touring assistance contracts as part

, or in conjunction with, an overseas travel contract.

the Transport (Tour Operators and Travel Agents) Act, 1982 .”. Amendment

section 37

Act

1995 (Code

conduct). 30.—Section 37

the Act

1995 is hereby amended by the insertion

the following subsection after subsection

commissions that are included, pursuant to paragraph (e)

subsection

this section, in a code

conduct drawn up under that subsection shall not apply to investment business firms insofar as they are acting as insurance intermediaries.”. Repeal

section 51

Act

1995 (Bonding). 31.—Section 51

the Act

1995 is hereby repealed. Amendment

section 65

Act

1995 (Powers

authorised

ficers). 32.—Section 65

the Act

1995 is hereby amended in subsection

“whom”. Amendment

section 74

Act

1995 (Power to make determinations for breaches

conditions or requirements). 33.—Section 74

the Act

1995 is hereby amended in subsection

“,29”. PART 4 Amendment

Central Bank Act, 1989 Amendment

section 16

Central Bank Act, 1989 (Disclosure

information). 34.—Section 16

the Central Bank Act, 1989, is hereby amended in subsection

the Act

1995) by the deletion

“in respect

certified persons”, and (b) by the insertion before paragraph (v)

the following paragraph: “(av) made to a product producer (within the meaning

the Investment Intermediaries Act, 1995 ) in respect

the investment business services or investment advice provided by a restricted activity investment product intermediary (within the meaning aforesaid) who holds an appointment in writing from the producer pursuant to section 27

that Act.”. SCHEDULE 1 Section 11 . “Second Schedule Increase

Penalties Act Provision

Act Increased Penalty

the contract (B), must be provided in a clear and accurate manner, in writing, in an

ficial language

the Member State

the commitment. However, such information may be in another language if the policyholder so requests and the law

the Member State so permits or the policyholder is free to choose the law applicable. A. Before concluding the contract Information about the assurance under-taking Information about the commitment (a)1. The name

the undertaking and its legal form (a)4. Definition

each benefit and each option (a)2. The name

the Member State in which the head

fice and, where appropriate, the agency or branch concluding the contract is situated (a)5. Term

the contract (a)6. Means

terminating the contract (a)3. The address

the head

fice and, where appropriate,

the agency or branch concluding the contract (a)7. Means

payment

premiums and duration

payments (a)8. Means

calculation and distri- bution

bonuses (a)9. Indication

surrender and paid-up values and the extent to which they are guaranteed (a)

1. Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate (a)
2. For unit-linked policies, definition

the units to which the benefits are linked (a)12. Indication

the nature

the underlying assets for unit-linked policies (a)13. Arrangements for application

the cooling-

f period (a)14. General information on the tax arrangements applicable to the type

policy (a)15. The arrangements for handling complaints concerning contracts by policyholders, lives assured or beneficiaries under contracts including, where appropriate, the existence

a complaints body, without prejudice to the right to take legal proceedings (a)16. Law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applic- able, the law the assurer proposes to choose B. During the term

the contract In addition to the policy conditions, both general and special, the policyholder must receive the following information throughout the term

the contract. Information about the assurance under- taking Information about the commitment (b)1. Any change in the name

the undertaking, its legal form or the address

its head

fice and, where appropriate,

the agency or branch which concluded the contract (b)2. All the information listed in points (a)4 to (a)12

A in the event

a change in the policy conditions or amendment

the law applicable to the contract (b)3. Every year, information on the state

bonuses 1 OJ No. L 228/3, 16.08.73 2 OJ No. L 63/1, 13.03.79

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