Chapter 4 of Part 38 of the Taxes Consolidation Act 1997 is amended by inserting the following section after section 902A:

"902B. Powers of inspection: life policies.

(1) In this section -

'assurance company' has the same meaning as in section 3 of the Insurance Act 1936;

'authorised officer' means an officer of the Revenue Commissioners who is authorised by them in writing to exercise the powers conferred by this section;

'policy' and 'premium' have the same meanings, respectively, as in section 3 of the Insurance Act 1936;

'relevant records', in relation to a policy, means any document or any other written or printed material in any form, and includes any information stored, maintained or preserved by means of any mechanical, photographic or electronic device whether or not stored, maintained or preserved in a legible form, but does not include so much of any record that is of a medical nature.

(2) A Revenue Commissioner may, subject to subsection (3) and for the purposes of subsection (7), direct an authorised officer to investigate a class or classes of policies issued by an assurance company and the policyholders to whom they were issued.