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Version date: 18 August 2017 - onwards
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Regulation 2 Amendment of European Union (Insurance and Reinsurance) Regulations 2015

The European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) are amended -

(a) in Regulation 10, by the insertion of the following paragraph after paragraph (2):

"(3) These Regulations do not apply to an undertaking which -

(a) has its head office in a third country,

(b) is lawfully carrying on reinsurance in that third country, and

(c) is carrying on reinsurance (but no other activity) in the State.",

(b) by the substitution of the following for Regulation 42:

"42 Transfer of portfolio by reinsurance undertaking

(1) A reinsurance undertaking whose head office is in the State may, subject to the approval of the Bank, transfer all or part of its portfolio of contracts, including those concluded either under the right of establishment or the freedom to provide services, to an accepting undertaking whose head office is in the State or another Member State.

(2) A transfer shall not be effected unless the supervisory authority of the home Member State of the accept

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