European Communities (Reinsurance) Regulations, 2006 [S.I. No. 380 of 2006]

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Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 13 July 2006

Consolidation Status: Updated to reflect all known changes

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	Introductory Text
	Part 1 Preliminary Provisions (regs. 1-4)
In force	Regulation 1 Citation and commencement
In force	Regulation 2 Object of these Regulations
In force	Regulation 3 Interpretation
In force	Regulation 3A Determination of voting rights
In force	Regulation 4 Scope of these Regulations
	Part 2 Restrictions on Carrying on Reinsurance Business (regs. 5-6)
In force	Regulation 5 Carrying on of reinsurance business prohibited unless authorised or exempt
In force	Regulation 6 Reinsurance undertaking restricted to carrying on kind of reinsurance business permitted by its authorisation
	Part 3 Authorisation of Reinsurance Undertakings (regs. 7-18)
Revoked	Regulation 7 Who is eligible to apply for a reinsurance authorisation?
Revoked	Regulation 8 Eligible undertakings may apply for an authorisation to carry on reinsurance business
Revoked	Regulation 9 Schemes of operations for reinsurance undertakings
Revoked	Regulation 10 Bank to grant or refuse application for reinsurance authorisation
Revoked	Regulation 11 Reinsurance undertakings taken to be authorised if carrying on business before 10 December 2005
In force	Regulation 12 Power to impose, vary and revoke conditions of reinsurance authorisation
In force	Regulation 13 Effect of reinsurance authorisation
In force	Regulation 14 Cancellation of authorisation on application of reinsurance undertaking
In force	Regulation 15 Cancellation of authorisation otherwise than on application of reinsurance undertaking
In force	Regulation 16 Partial cancellation of authorisation otherwise than on application of reinsurance undertaking
In force	Regulation 17 Cancellation of reinsurance authorisation taken to have been granted under Regulation 11
In force	Regulation 18 Consequences of cancellation of authorisation of reinsurance undertaking
	Part 4 Regulation of Reinsurance Undertakings (regs. 19-27)
In force	Regulation 19 Application of this Part to authorised reinsurance undertakings
In force	Regulation 20 Reinsurance undertakings established in the State to maintain sound and adequate administrative and accounting procedures and internal control mechanisms
In force	Regulation 21 Reinsurance undertaking to lodge certain annual returns and other statistical documents with the Bank
Revoked	Regulation 22 Transfer of reinsurance undertaking's policy portfolio prohibited without authorisation of the Bank
In force	Regulation 23 Reinsurance undertaking to establish and maintain technical reserves, solvency margin and guarantee fund
In force	Regulation 24 Reinsurance undertaking to establish and maintain equalisation reserve
In force	Regulation 25 Bank may give directions for determining liabilities of authorised reinsurance undertaking
In force	Regulation 26 Reinsurance undertaking to cover its technical and equalisation reserves by equivalent assets
In force	Regulation 27 Reinsurance undertaking required to keep register of assets
	Part 5 Restrictions on Operating Special Purpose Reinsurance Vehicles (regs. 28-29)
In force	Regulation 28 Operation of SPRVs prohibited unless authorised
In force	Regulation 29 SPRV restricted to transacting reinsurance business of a kind permitted by its authorisation
	Part 6 Authorisation of SPRVS (regs. 30-37)
Revoked	Regulation 30 Applications to operate SPRVs
Revoked	Regulation 31 Bank to grant or refuse application for SPRV
In force	Regulation 32 SPRVs taken to be authorised if operating before 10 December 2005
In force	Regulation 33 Power to impose, vary and revoke conditions of SPRV authorisation
In force	Regulation 34 Effect of SPRV authorisation
In force	Regulation 35 Cancellation of authorisation on application of SPRV
In force	Regulation 36 Cancellation of authorisation otherwise than on application of person operating a SPRV
In force	Regulation 37 Consequences of cancellation of SPRV authorisation under corresponding law of another Member State
	Part 7 Operation of SPRVs (regs. 38-39)
In force	Regulation 38 SPRV to comply with certain requirements
In force	Regulation 39 Bank may make rules specifying solvency requirements for SPRVs
	Part 8 Acquisition and Disposal of Certain Interests in Authorised Reinsurance Undertakings and SPRVs (regs. 40-45B)
In force	Regulation 40 Interpretation and effect: Part 8
In force	Regulation 40A Restrictions on acquiring and disposing of qualifying holdings in authorised reinsurance undertakings and SPRVs
In force	Regulation 40B Reinsurance undertakings and SPRVs to provide information on certain acquisitions and disposals
In force	Regulation 41 Period for assessment of proposed acquisition
In force	Regulation 41A Assessment of proposed acquisitions
In force	Regulation 42 Bank to cooperate with competent authorities of other Member States in certain cases
In force	Regulation 42A Bank may fix period for completion of acquisition etc.
In force	Regulation 43 Notice of Bank's decision
In force	Regulation 43A Bank may oppose certain acquisitions
In force	Regulation 44 Decision to oppose proposed acquisition to be appealable
In force	Regulation 44A Circumstances in which proposed acquisition not to be completed
In force	Regulation 45 Effect of section 201 of the Companies Act 1963
In force	Regulation 45A Authorised reinsurance undertakings and SPRVs to provide information about shareholdings, etc.
In force	Regulation 45B Power of Court to make certain orders
	Part 9 Auditing of Accounts of Reinsurance Undertakings and SPRVs (regs. 46-48)
In force	Regulation 46 Responsibilities of auditors in respect of reinsurance undertakings and SPRVs
In force	Regulation 47 Bank may require auditor of reinsurance undertaking or SPRV to provide information
In force	Regulation 48 Auditor not liable to reinsurance undertaking or SPRV, etc. for having complied with this Part
	Part 10 Provisions Applicable to Both Reinsurance Undertakings and SPRVs (regs. 49-51)
In force	Regulation 49 Bank to keep Register of Authorised Reinsurance Undertakings and SPRVs
In force	Regulation 50 Rights of appeal against certain Bank decisions made under these Regulations
In force	Regulation 51 Consequences of cancellation of authorisation as regards other Member States
	Part 11 Responsibilities of the Bank under these Regulations (regs. 52-57)
In force	Regulation 52 Responsibilities of Bank with respect to authorised reinsurance undertakings and SPRVs established in the State
In force	Regulation 53 Bank to be responsible for enforcing continued compliance with obligations
In force	Regulation 54 Bank to collaborate with other competent authorities and the European Commission
In force	Regulation 55 Bank to consult with other competent authorities before granting authorisation or when assessing compliance with conditions
In force	Regulation 56 Bank to notify competent authority of other Member State of belief that reinsurance undertaking or SPRV of that State may be financially unsound
In force	Regulation 57 Limitations on Bank with respect to its supervisory functions under these Regulations
	Part 12 Special Powers of Bank to Deal with Certain Matters (regs. 58-60)
In force	Regulation 58 Consequences of failing to comply with provision of Part 4
In force	Regulation 59 Reinsurance undertaking to provide financial recovery plan if required to do so by the Bank
In force	Regulation 60 Consequences of failure of SPRV to comply with certain provisions
	Part 13 Special Provisions with Respect to Finite Reinsurance Contracts (regs. 61-62)
In force	Regulation 61 Powers of Bank with respect to finite reinsurance activities undertaken by reinsurance undertakings and SPRV
In force	Regulation 62 Regulation of finite reinsurance contracts
	Part 14 Relations Involving Reinsurance Undertakings and SPRVs Established in Other Member States (regs. 63-65)
In force	Regulation 63 Competent authority of other Member State empowered to undertake verification of information about reinsurance undertakings and SPRVs established in the State
In force	Regulation 64 Bank entitled to take measures to prevent irregularities involving reinsurance undertakings and SPRVs established in other Member States
In force	Regulation 65 Competent authority of other Member State entitled to request Bank to respond appropriately against reinsurance undertakings and SPRVs established in the State
	Part 15 Relations Involving Third Countries (regs. 66-70)
In force	Regulation 66 Treatment of reinsurance undertakings established in third countries
In force	Regulation 67 Bank to ensure obligations of European Communities under international agreements are complied with
In force	Regulation 68 Bank may enter into agreement with responsible authority of third country
In force	Regulation 69 Bank to notify European Commission of authorisations and acquisitions of reinsurance undertakings governed by laws of third country
In force	Regulation 70 Minister to notify European Commission of difficulties encountered by reinsurance undertakings in establishing or carrying on business in third country
	Part 16 Enforcement of Regulations (regs. 71-80)
In force	Regulation 71 Enforcement powers of the Bank
Revoked	Regulation 72 Appointment of authorised officers
Revoked	Regulation 73 Powers of authorised officers
Revoked	Regulation 74 Warrant required to enter private dwelling
Revoked	Regulation 75 Offence to obstruct authorised officers
In force	Regulation 76 Offence to provide false or misleading information in purported compliance with direction or requirement under these Regulations
In force	Regulation 77 Liability of officers of undertaking for offences committed by the undertaking
In force	Regulation 78 Penalties for offences under these Regulations
In force	Regulation 79 Prosecution of offences under these Regulations
In force	Regulation 80 Power of the Court to make enforcement orders
	Part 17 Miscellaneous Provisions (regs. 81-85)
In force	Regulation 81 Power to amend or revoke rules
In force	Regulation 82 Publication of rules, etc.
In force	Regulation 83 Consequences of certain reinsurance undertakings and SPRVs being wound up
In force	Regulation 84 Consequential amendment of Central Bank Act 1942
In force	Regulation 85 Consequential amendment of Insurance Act 1989
In force	Schedule 1 Determination of Required Solvency Margin
In force	Schedule 2 Guarantee Funds
	Given under
	Explanatory Note

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