(1) In addition to the functions conferred on it by section 5A(1) of the Act of 1942, the Bank shall have the following function.

(2) The function of the Bank referred to in subsection (1) is to provide for the collection and study of data from insurance undertakings on the income generated by, and costs associated with, the carrying on of relevant non-life insurance business and other matters relevant to such business and to publish information about that data, including in a report provided for by subsection (6).

(3) In relation to the data to be collected by the Bank from an insurance undertaking under subsection (2), the insurance undertaking shall use its best endeavours to provide the information to the Bank in such a form so that no individual is identifiable from it; if an individual is identifiable from the information so provided, the Bank shall ensure that the identity of that individual is not disclosed by it (and that requirement is in addition to any other provision of this Act and the Data Protection Act 2018 prohibiting or restricting the disclosure or use of particular information).