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Ireland

Insurance Act, 1981

In short

This law, the Insurance Act, 1981, updates previous insurance laws. It primarily grants Irish Life Assurance Company Limited more flexibility in its business operations and adjusts the financial limits related to the Minister's liability under certain insurance arrangements.

What it regulates

  • The ability of Irish Life Assurance Company Limited to change its foundational document (memorandum of association).
  • The types of insurance business Irish Life Assurance Company Limited and its subsidiaries can conduct.
  • The maximum financial liability of the Minister under specific insurance arrangements.
  • The definition of certain obligations within insurance contracts.

Who it concerns

  • Irish Life Assurance Company Limited.
  • The Minister (presumably the Minister for Finance, given the context of financial liability).

Key points

  • Irish Life Assurance Company Limited can alter its memorandum of association to allow for new classes of insurance business, including those specified in Council Directive 79/267/EEC and Council Directive 73/239/EEC.
  • The company can promote or acquire other companies, both within and outside the State, for carrying on insurance business.
  • The maximum liability of the Minister under certain arrangements has been increased from "one-hundred million pounds" to "£300,000,000".
  • An amendment clarifies that the payment or repayment of a sum of money in a contract is the "primary" obligation, rather than the "sole" obligation.
Legal text
Legal text

Insurance Act, 1981 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.

  1. ie)Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.
  2. ie)Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(
  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1981 Insurance Act, 1981 Insurance Act, 1981 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 34 of 1981 INSURANCE ACT, 1981 ARRANGEMENT OF SECTIONS Section 1. Power of Irish Life Assurance Company Limited to alter its memorandum of association. 2. Amendment of section 2

(3)of Insurance Act,
  2. Amendment of section 2 of Insurance (Amendment) Act,
  4. Short title and collective citation. Acts Referred to Insurance Acts, 1909 to 1978 Insurance Act, 1953 1953, No. 7 Insurance (Amendment) Act, 1938 1938, No. 31 Insurance (Amendment) Act, 1978 1978, No. 30 Number 34 of 1981 INSURANCE ACT, 1981 AN ACT TO AMEND THE INSURANCE ACTS, 1909 TO
  5. [23rd December, 1981] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Power of Irish Life Assurance Company Limited to alter its memorandum of association. 1.—
(1)In this section “the Permanent Company” means Irish Life Assurance Company Limited.
(2)Notwithstanding anything contained in section 14
(2)of the Insurance (Amendment) Act, 1938 , or in clause 7 (
  1. b)of the Agreement set out in the Schedule to that Act (and referred to in that Act as “the Scheduled Agreement”), the Permanent Company may alter its memorandum of association so as to provide for— (
  2. a)the carrying on of business in any of the classes of insurance referred to in the Annex to Council Directive 79/267/EEC11 by the Permanent Company, or by a subsidiary company or subsidiary companies of the Permanent Company not authorised to carry on business in any of the classes of insurance referred to in the Annex to Council Directive 73/239/EEC22 , (
  3. b)the promotion or acquisition by the Permanent Company of a company formed and registered in the State or a company, or companies, formed and registered outside the State for the purpose of carrying on business in any or all of the classes of insurance referred to in the Annex to Council Directive 73/239/EEC2, and (
  4. c)the deletion from the memorandum of association of the provisions complying with clauses 7 (
  5. b)(
  6. ii)to 7 (
  7. b)(
  8. iv)of that Schedule. Amendment of section 2
(3)of Insurance Act, 1953. 2.— Section 2
(3)of the Insurance Act, 1953 , is hereby amended by the substitution of “£300,000,000” for “one-hundred million pounds” (inserted by the Insurance (Amendment) Act, 1978 ), and that section, 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 in respect of arrangements under this section shall not exceed £300,000,000. Amendment of section 2 of Insurance (Amendment) Act, 1978. 3.— Section 2
(1)(
  1. a)(
  2. ii)(C) of the Insurance (Amendment) Act, 1978 , is hereby amended by the substitution of “primary” for “sole”, and that section as so amended, is set out in the Table to this section. TABLE (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 primary obligation of the person under the contract, or Short title and collective citation. 4.—
(1)This Act may be cited as the Insurance Act, 1981.
(2)The Insurance Acts, 1909 to 1978, and this Act may be cited together as the Insurance Acts, 1909 to
  1. OJL63, 13.3.1979, pp 1-
  2. OJL228, 16.8.1973, pp 3-
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.