(1) A person who wishes to produce, market or sell a PRSA product shall make an application to the Board and the Revenue Commissioners for the grant, under section 94, of approval by the Board and the Revenue Commissioners of the product.
(2) The approval of a PRSA product under section 94 shall not constitute a warranty as to the solvency of the person who will produce the product and neither the Board nor the Revenue Commissioners shall -
(a) be liable in respect of any losses incurred through the insolvency or default of a person who produces a product that has been so approved, or
(b) have any duty to any contributor regarding the investment performance of a PRSA product.