The Principal Act is amended by inserting the following Part after Part IV:

“Part IVA Approval of Certain Policies or Contracts of Assurance

53A. Definition.

In this Part ‘undertaking’ means an undertaking within the meaning of the Insurance Act 1989.

53B. Approval of policy or contract of assurance for discharge of benefits.

(1) The Board may approve a 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 it is satisfied that the policy or contract of assurance secures the benefits payable -

(a) to the scheme in respect of a person who under the scheme -

(i) is receiving benefits, or

(ii) has reached normal pensionable age,

or

(b) to or in respect of a person who under a scheme -

(i) is receiving benefits, or

(ii) has reached normal pensionable age.

(2) For the purpose of obtaining approval under subsection (1) an undertaking shall furnish to the Board such information in such form as may be prescribed for the purposes of this section.

(3) A policy or contract of assurance referred to in subsection (1) may include a policy or contract of assurance which is referenced by -