Insurance (Amendment) Act, 1978

In short

This law amends previous Insurance Acts, specifically clarifying when certain bonds, suretyships, or guarantees do not count as contravening insurance provisions and increasing a financial limit related to the Minister's liability.

What it regulates

When a person is not considered to have broken insurance laws by giving or accepting certain bonds, suretyships, or guarantees.
The specific conditions under which these bonds, suretyships, or guarantees apply, particularly in banking business.
The maximum aggregate amount of the Minister's liability for principal moneys under certain arrangements.
The short title and collective citation for this Act and related Insurance Acts.

Who it concerns

Persons who give, enter into, or accept bonds, contracts of suretyship, or guarantees.
Licensees (holders of a licence granted under the Central Bank Act, 1971) in the course of their banking business.
The Minister, regarding the aggregate amount of liability for principal moneys.

Key points

A person does not contravene Insurance Acts (1909 to 1971) solely by giving or accepting a bond, suretyship, or guarantee to which this Act applies.
This Act applies to bonds, suretyships, or guarantees given by a licensee in banking business for services outside the State, exports, construction contracts, securing payment, damaged bank notes, damaged documents, or missing endorsements.
It also applies to bonds, suretyships, or guarantees given by a non-resident person in banking business to meet a licensee's requirement for financial facilities.
The maximum aggregate liability of the Minister for principal moneys under section 2 (3) of the Insurance Act, 1953, is increased from "thirty million pounds" to "one-hundred million pounds".

Legal text

Insurance (Amendment) Act, 1978 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 Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1978 Insurance (Amendment) Act, 1978 Insurance (Amendment) Act, 1978 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 30 of 1978 INSURANCE (AMENDMENT) ACT, 1978 ARRANGEMENT OF SECTIONS Section 1. Amendment of Insurance Acts, 1909 to 1971. 2. Application. 3. Amendment of section 2

(3)of Insurance Act,

Short title and collective citation. Number 30 of 1978 INSURANCE (AMENDMENT) ACT, 1978 AN ACT TO AMEND THE INSURANCE ACTS, 1909 TO
[19th December, 1978] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Amendment of Insurance Acts, 1909 to
1.—A person shall not be regarded as having contravened any provision of the Insurance Acts, 1909 to 1971, by reason only of the fact that the person gives, enters into or accepts a bond or a contract of suretyship or a guarantee to which this Act applies. Application. 2.—

(1)This Act applies to any bond or any contract of suretyship or guarantee which— (

a)(
i)in the course of his banking business is given, or is entered into, as surety or guarantor by a licensee, and (
ii)is given or made— (A) in relation to the provision of any service outside the State or the export of any thing, or (B) to comply with the requirements of a construction contract, or (C) to secure the due payment or repayment by a person on foot of a contract of a sum of money (including interest) which is certain or ascertainable (and whether in the currency of the State or in any other currency), the said payment or repayment being the sole obligation of the person under the contract, or (D) in relation to bank notes (whether issued within or outside the State) which a licensee reasonably believes to have been damaged, lost or destroyed, or (E) either in relation to a delay or failure to produce any policy of insurance or assurance, bill of lading or any other deed or other document, or in relation to any such policy, bill, deed or other document which a licensee reasonably believes to have been damaged, lost or destroyed, or (F) either in relation to any endorsement on, attached to or otherwise executed in relation to any document and which a licensee reasonably believes to have been regularly executed, or in relation to the absence of any such endorsement, or (
b)is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both— (
i)a requirement of a licensee, and (
ii)made solely for the purposes of securing financial facilities to be made available by that licensee.

(2)In this section— “the Act of 1971” means the Central Bank Act, 1971 ; “banking business” has the same meaning as in section 2 of the Act of 1971; “construction contract” means a contract for the construction, enlargement or alteration of any building or any structure or other work of engineering construction, or for the development of any land for agricultural, mining or quarrying purposes, or the exploration or exploitation of the sea-bed, (or anything thereon or thereunder), whether the building, structure or other such work, or the land or the part of the sea-bed concerned is to be or is situated in or outside the State; “licensee” means the holder of a licence granted under the Act of 1971; “work of engineering construction” includes any work carried out in, or in connection with, the development of a site. Amendment of section 2

(3)of Insurance Act, 1953. 3.— Section 2

(3)of the Insurance Act, 1953 , is hereby amended by the substitution of “one-hundred million pounds” for “thirty million pounds” (inserted by the Insurance Act, 1971 ), and the said section 2

(3), as so amended, is set out in the Table to this section. TABLE

(3)The aggregate amount of the liability at any time of the Minister for principal moneys in respect of arrangements under this section shall not exceed one-hundred million pounds. Short title and collective citation. 4.—

(1)This Act may be cited as the Insurance (Amendment) Act, 1978.

(2)The Insurance Acts, 1909 to 1971, and this Act may be cited together as the Insurance Acts, 1909 to 1978. Acts Referred to Central Bank Act, 1971 1971, No. 24 Insurance Acts, 1909 to 1971 Insurance Act, 1953 1953, No. 7 Insurance Act, 1971 1971, No. 10 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.