Part IVA (inserted by section 42 of the Social Welfare and Pensions Act 2010) of the Principal Act is amended -
(a) by substituting the following section for section 53B:
"53B. Certification of certain policies or contracts of assurance.
(1) The Board may certify a form of policy or contract of assurance, submitted to the Board by an undertaking in that behalf, in respect of schemes that are approved by the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997, where the Board is satisfied that the form of policy or contract of assurance is designed -
(a) to provide the sums payable to the scheme in respect of some or all of the benefits in relation to a person who, under the scheme -
(i) is receiving benefits, or
(ii) has reached normal pensionable age,
or
(b) to discharge the liability of the scheme for some or all of the benefits payable to or in respect of a person who under a scheme -
(i) is receiving benefits, or
(ii) has reached normal pensionable
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