Official sourcesirishstatutebook.ie · EUR-Lex
Europaius
Ireland
ČeštinaDeutschFrançaisEspañolPolskiItalianoNederlandsÖsterreichBelgiquePortuguêsSvenskaDanskSuomiSlovenčinaMagyarEestiLietuviųLatviešuSlovenščinaHrvatskiΚύπροςMaltiRomânăΕλληνικάLuxembourgБългарски
Ireland

Finance (Miscellaneous Provisions) Act 2015

In short

This law, the Finance (Miscellaneous Provisions) Act 2015, addresses various financial matters, including agreements related to the Single Resolution Fund, updates to the deposit guarantee scheme, and the continuation of certain insurance regulations.

What it regulates

  • The State's functions under the Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund.
  • The operation and funding of the Deposit Guarantee Scheme, including the establishment of a "legacy fund."
  • The continuation of certain insurance regulations and related amendments.
  • Amendments to the National Treasury Management Agency (Amendment) Act 2014.

Who it concerns

  • The Minister for Finance.
  • Credit institutions, including banks, building societies, and credit unions.

Key points

  • The Minister for Finance can perform necessary functions for the State's role in the Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund, including transferring contributions to the Single Resolution Fund.
  • A "legacy fund" will be established, held, and administered by the Bank, consisting of funds transferred from the deposit protection account.
  • Credit institutions must transfer 0.2 per cent of their covered deposits from the deposit protection account to the legacy fund on a date determined by the Bank.
  • The legacy fund will cease to operate when its funds reach zero due to compensation payments or after 3 years from the commencement of Part 3 of this Act.
Legal text
Legal text

Act 2015 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

the Solvency II Directive; “special purpose reinsurance vehicle” means an authorised SPRV, within the meaning of the European Communities (Reinsurance) Regulations 2006 ( S.I. No. 380 of 2006 ), in respect of which the Bank has, pursuant to those regulations, granted an SPRV authorisation prior to 1 January 2016. Continuation of certain regulations 16.

(1)Subject to section 20 and notwithstanding Article 310 of the Solvency II Directive, the following regulations shall, in so far only as they apply to a relevant undertaking, continue in force as if the repealed instruments had not been repealed: (
  1. a)the Non-Life Regulations; (
  2. b)the Life Regulations; (
  3. c)the European Communities (Non-Life Insurance Accounts) Regulations 1995 ( S.I. No. 202 of 1995 ); (
  4. d)the European Communities (Reinsurance) Regulations 2006; (
  5. e)the European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 ( S.I. No. 366 of 2007 ).
(2)Subject to section 20 and notwithstanding Article 310 of the Solvency II Directive, the European Communities (Reorganisation and Winding-Up of Insurance Undertakings) Regulations 2003 ( S.I. No. 168 of 2003 ) shall, in so far only as they apply to a relevant undertaking (other than a relevant undertaking to which Title IV of the Solvency II Directive applies), continue in force as if the repealed instruments had not been repealed. Portfolio transfers 17.
(1)Notwithstanding the regulations made under section 3 of

Article 4and Article 308b

(1)to
(4)of the Solvency II Directive, the regulations made under section 3 of

Article 39

of the Solvency II Directive (in this section referred to as the “portfolio transfer regulations”), in so far only as they apply to insurance undertakings (within the meaning of the Solvency II Regulations), shall apply to a relevant undertaking that is an insurance undertaking, subject to the following modifications: (a) where the insurance undertaking that is transferring its business is a relevant undertaking to which the Solvency II Regulations do not apply by virtue of the regulations made under section 3 of

Article 4

of the Solvency II Directive, a reference in the portfolio transfer regulations to an insurance undertaking (within the meaning of the Solvency II Regulations) shall be construed as a reference to an insurance undertaking (within the meaning of this Act); (b) where the insurance undertaking to which the business is being transferred is a relevant undertaking to which the Solvency II Regulations do not apply by virtue of the regulations made under section 3 of

Article 4

of the Solvency II Directive, (

  1. i)a reference in the portfolio transfer regulations to an accepting undertaking shall be construed as a reference to an insurance undertaking (within the meaning of this Act), and (
  2. ii)the obligation in the portfolio transfer regulations to certify that the accepting undertaking possesses the necessary eligible own funds to cover the Solvency Capital Requirement shall be construed as an obligation to certify that the accepting undertaking possesses the necessary solvency margin in accordance with the Life Regulations or the Non-Life Regulations, as applicable.

(2)Notwithstanding the regulations made under section 3 of

Article 4and Article 308b

(1)to
(4)of the Solvency II Directive, the regulations made under section 3 of

Article 39

of the Solvency II Directive, in so far only as it applies to reinsurance undertakings (within the meaning of the Solvency II Regulations), shall apply to a relevant undertaking that is a reinsurance undertaking. Amendments to Part IIIA of Act of 1989 18.

(1)Section 43A of the Act of 1989 is amended in subsection
(1)by— (
  1. a)deleting the definition of “Annex II”, and (
  2. b)substituting for the definition of “Directive” the following: “ ‘Directive’ means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 9 , as amended by Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 10 , Directive 2012/23/EU of the European Parliament and of the Council of 12 September 2012 11 , Council Directive 2013/23/EU of 13 May 2013 12 , Directive 2013/58/EU of the European Parliament and of the Council of 11 December 2013 13 and Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 14 ;”.
(2)Section 43B of the Act of 1989 is amended by— (a) substituting “pursuant to the Directive and notwithstanding Articles 4 and 308b
(1)of the Directive” for “pursuant to the Directive”, (
  1. b)substituting for paragraph (
  2. a)the following: “(
  3. a)before the conclusion of a policy of insurance, the information specified in Article 185
(2)(a), (b) and (c), Article 185
(3)and Article 185
(4)of the Directive, and, additionally, in respect of an insurer holding an authorisation granted pursuant to the Directive, the information specified in Article 185
(2)(
  1. d)of the Directive,”, (
  2. c)substituting for paragraph (
  3. b)the following: “(
  4. b)during the term of a policy of insurance, the information specified in Article 185
(5)(a), (b), (
  1. c)and (
  2. d)of the Directive,”, and (
  3. d)inserting after paragraph (
  4. b)the following: “(
  5. c)where, in connection with an offer for or conclusion of a life insurance contract other than a contract for term insurance, the insurer or insurance intermediary provides figures relating to the amount of potential payments beyond the contractually agreed payments, the insurer or insurance intermediary shall provide the client with a specimen calculation whereby the potential maturity payment is set out applying the basis for the premium calculation using three different rates of interest and the insurer or insurance intermediary shall inform the client in a clear and comprehensible manner that the specimen calculation is only a model of computation based on notional assumptions, and that the client shall not derive any contractual claims from the specimen calculation, and (
  6. d)in respect of contracts of life insurance with profit participation, the insurer or insurance intermediary shall inform the client annually in writing of the status of the claims of the client, incorporating the profit participation and where the insurer or insurance intermediary has provided figures about the potential future development of the profit participation, it shall inform the client of differences between the actual development and the initial data.”.
(3)Regulations made under section 43B of the Act of 1989 and in force immediately before the commencement of this section shall continue in force after such commencement and may be amended or revoked accordingly. Deemed authorisation 19.
(1)An insurance undertaking authorised under the European Communities (Non-Life Insurance) Regulations 1976 ( S.I. No. 115 of 1976 ) that— (
  1. a)is a relevant undertaking on the commencement of this section, and (
  2. b)is not deemed authorised under the Solvency II Regulations, shall be deemed to be authorised under the Non-Life Regulations.
(2)An insurance undertaking authorised under the European Communities (Life Assurance) Regulations 1984 ( S.I. No. 57 of 1984 ) that— (
  1. a)is a relevant undertaking on the commencement of this section, and (
  2. b)is not deemed authorised under the regulations made under the Solvency II Regulations, shall be deemed to be authorised under the Life Regulations.
(3)An insurance undertaking that, at any time after the commencement of this section, ceases to be an undertaking to which Title I, II or III of the Solvency II Directive applies and becomes a relevant undertaking, shall— (
  1. a)in the case of an insurance undertaking which carries on life insurance business, be deemed to be authorised under the Life Regulations, and (
  2. b)in the case of an insurance undertaking which carries on non-life insurance business, be deemed to be authorised under the Non-Life Regulations. Amendments and revocations 20.
(1)The enactments specified in column
(3)of the Schedule are revoked to the extent specified in column
(4)of the Schedule.
(2)Regulation 4
(2)of the Non-Life Regulations is amended— (
  1. a)in subparagraph (c), by substituting “Article 3 thereof, and” for “Article 3 thereof.”, and (
  2. b)by inserting after subparagraph (
  3. c)the following: “(
  4. d)the kinds of assistance activity specified in paragraph 3 of Article 2 of the First Directive.”.
(3)The Central Bank Act 1942 is amended in Part 1 of Schedule 2 by inserting the following: “ 45 No. 37 of 2015 Finance (Miscellaneous Provisions) Act 2015 Part 4 ”. Savers and transitional provisions 21.
(1)A regulatory act taken by the Bank under a provision being amended or revoked by this Act on or before the commencement of such amendment or revocation, continues to have effect according to its terms.
(2)A regulatory act taken by the Bank under the relevant regulations in respect of a Solvency II undertaking on or before the commencement of this section continues to have effect according to its terms.
(3)The Bank may enforce a regulatory act referred to in subsection
(1)or
(2).
(4)The repeal of the repealed instruments does not preclude the taking of any legal proceedings, or the undertaking of any investigation, or disciplinary or enforcement action by the Bank or any other person, in respect of any contravention by a Solvency II undertaking of a provision of the relevant regulations or any misconduct which may have been committed by a Solvency II undertaking before the repeal of the repealed instruments.
(5)In this section— “regulatory act” includes any direction, order, requirement, sanction, condition, appointment or request (however described) of a regulatory nature made, given or imposed by the Bank; “Solvency II undertaking” means an undertaking to which Titles I, II and III of the Solvency II Directive applies. PART 5 Amendment of National Treasury Management Agency (Amendment) Act 2014 Amendment of section 37 of National Treasury Management Agency (Amendment) Act 2014 22. Section 37 of the National Treasury Management Agency (Amendment) Act 2014 is amended, in the definition of “directed investment”— (a) in paragraph (b), by substituting “a direction,” for “a direction, or”, and (b) by substituting for paragraph (c) the following: “(c) a shareholding or other interest in a credit institution transferred into the Fund under section 46
(3), or (d) an investment made by the National Pensions Reserve Fund Commission pursuant to a direction under section 19A, 19AA or 19B of the National Pensions Reserve Fund Act 2000 before the Fund constitution date (within the meaning of Schedule 4);”. SCHEDULE Revocations of Statutory Instruments Section 20
(1)Reference
(1)Number and Year
(2)Title of Instrument
(3)Extent of Revocation
(4)
  1. S.I. No. 115 of 1976 European Communities (Non-Life Insurance) Regulations 1976 The Whole Regulations
  2. S.I. No. 65 of 1983 European Communities (Co-Insurance) Regulations 1983 The Whole Regulations
  3. S.I. No. 57 of 1984 European Communities (Life Assurance) Regulations 1984 The Whole Regulations
  4. S.I. No. 437 of 1986 European Communities (Life Assurance Accounts, Statements, and Valuations) Regulations 1986 The Whole Regulations
  5. S.I. No. 142 of 1991 European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 The Whole Regulations
  6. S.I. No. 197 of 1991 European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 The Whole Regulations
  7. S.I. No. 359 of 1994 European Communities (Non-Life Insurance) Framework Regulations 1994 Regulations 12, 28, 30, 32, 33, 34, 47, 48, 49, 50, 51, 52, 53, 54, 55 and
  9. S.I. No. 360 of 1994 European Communities (Life Assurance) Framework Regulations 1994 Regulations 35, 46, 48, 50, 51, 63, 64, 65, 66, 67, 68, 69, 70, 71, 75, 76, 77, 78 and
  11. S.I. No. 380 of 2006 European Communities (Reinsurance) Regulations 2006 Regulations 7, 8, 9, 10, 11, 22, 30 and
  12. 1OJ No. L135, 31.05.1994, p.
  13. 2OJ No. L173, 12.06.2015, p.
  14. 3OJ No. L 335, 17.12.2009, p.
  15. 4OJ No. L 326, 8.12.2011, p.
  16. 5OJ No. L 249, 14.9.2012, p.
  17. 6OJ No. L 158, 10.6.2013, p.
  18. 7OJ No. L 341, 18.12.2013, p.
  19. 8OJ No. L 153, 22.5.2014, p.
  20. 9OJ No. L 335, 17.12.2009, p.
  21. 10OJ No. L 326, 8.12.2011, p.
  22. 11OJ No. L 249, 14.9.2012, p.
  23. 12OJ No. L 158, 10.6.2013, p.
  24. 13OJ No. L 341, 18.12.2013, p.
  25. 14OJ No. L 153, 22.5.2014, p.
  26. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.