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European Communities (Reinsurance) Regulations, 2006 [S.I. No. 380 of 2006]Introductory TextPart 1 Preliminary Provisions (regs. 1-4)Regulation 1 Citation and commencementRegulation 2 Object of these RegulationsRegulation 3 InterpretationRegulation 3A Determination of voting rightsRegulation 4 Scope of these RegulationsPart 2 Restrictions on Carrying on Reinsurance Business (regs. 5-6)Regulation 5 Carrying on of reinsurance business prohibited unless authorised or exemptRegulation 6 Reinsurance undertaking restricted to carrying on kind of reinsurance business permitted by its authorisationPart 3 Authorisation of Reinsurance Undertakings (regs. 7-18)Regulation 7 Who is eligible to apply for a reinsurance authorisation?Regulation 8 Eligible undertakings may apply for an authorisation to carry on reinsurance businessRegulation 9 Schemes of operations for reinsurance undertakingsRegulation 10 Bank to grant or refuse application for reinsurance authorisationRegulation 11 Reinsurance undertakings taken to be authorised if carrying on business before 10 December 2005Regulation 12 Power to impose, vary and revoke conditions of reinsurance authorisationRegulation 13 Effect of reinsurance authorisationRegulation 14 Cancellation of authorisation on application of reinsurance undertakingRegulation 15 Cancellation of authorisation otherwise than on application of reinsurance undertakingRegulation 16 Partial cancellation of authorisation otherwise than on application of reinsurance undertakingRegulation 17 Cancellation of reinsurance authorisation taken to have been granted under Regulation 11Regulation 18 Consequences of cancellation of authorisation of reinsurance undertakingPart 4 Regulation of Reinsurance Undertakings (regs. 19-27)Regulation 19 Application of this Part to authorised reinsurance undertakingsRegulation 20 Reinsurance undertakings established in the State to maintain sound and adequate administrative and accounting procedures and internal control mechanismsRegulation 21 Reinsurance undertaking to lodge certain annual returns and other statistical documents with the BankRegulation 22 Transfer of reinsurance undertaking's policy portfolio prohibited without authorisation of the BankRegulation 23 Reinsurance undertaking to establish and maintain technical reserves, solvency margin and guarantee fundRegulation 24 Reinsurance undertaking to establish and maintain equalisation reserveRegulation 25 Bank may give directions for determining liabilities of authorised reinsurance undertakingRegulation 26 Reinsurance undertaking to cover its technical and equalisation reserves by equivalent assetsRegulation 27 Reinsurance undertaking required to keep register of assetsPart 5 Restrictions on Operating Special Purpose Reinsurance Vehicles (regs. 28-29)Regulation 28 Operation of SPRVs prohibited unless authorisedRegulation 29 SPRV restricted to transacting reinsurance business of a kind permitted by its authorisationPart 6 Authorisation of SPRVS (regs. 30-37)Regulation 30 Applications to operate SPRVsRegulation 31 Bank to grant or refuse application for SPRVRegulation 32 SPRVs taken to be authorised if operating before 10 December 2005Regulation 33 Power to impose, vary and revoke conditions of SPRV authorisationRegulation 34 Effect of SPRV authorisationRegulation 35 Cancellation of authorisation on application of SPRVRegulation 36 Cancellation of authorisation otherwise than on application of person operating a SPRVRegulation 37 Consequences of cancellation of SPRV authorisation under corresponding law of another Member StatePart 7 Operation of SPRVs (regs. 38-39)Regulation 38 SPRV to comply with certain requirementsRegulation 39 Bank may make rules specifying solvency requirements for SPRVsPart 8 Acquisition and Disposal of Certain Interests in Authorised Reinsurance Undertakings and SPRVs (regs. 40-45B)Regulation 40 Interpretation and effect: Part 8Regulation 40A Restrictions on acquiring and disposing of qualifying holdings in authorised reinsurance undertakings and SPRVsRegulation 40B Reinsurance undertakings and SPRVs to provide information on certain acquisitions and disposalsRegulation 41 Period for assessment of proposed acquisitionRegulation 41A Assessment of proposed acquisitionsRegulation 42 Bank to cooperate with competent authorities of other Member States in certain casesRegulation 42A Bank may fix period for completion of acquisition etc.Regulation 43 Notice of Bank's decisionRegulation 43A Bank may oppose certain acquisitionsRegulation 44 Decision to oppose proposed acquisition to be appealableRegulation 44A Circumstances in which proposed acquisition not to be completedRegulation 45 Effect of section 201 of the Companies Act 1963Regulation 45A Authorised reinsurance undertakings and SPRVs to provide information about shareholdings, etc.Regulation 45B Power of Court to make certain ordersPart 9 Auditing of Accounts of Reinsurance Undertakings and SPRVs (regs. 46-48)Regulation 46 Responsibilities of auditors in respect of reinsurance undertakings and SPRVsRegulation 47 Bank may require auditor of reinsurance undertaking or SPRV to provide informationRegulation 48 Auditor not liable to reinsurance undertaking or SPRV, etc. for having complied with this PartPart 10 Provisions Applicable to Both Reinsurance Undertakings and SPRVs (regs. 49-51)Regulation 49 Bank to keep Register of Authorised Reinsurance Undertakings and SPRVsRegulation 50 Rights of appeal against certain Bank decisions made under these RegulationsRegulation 51 Consequences of cancellation of authorisation as regards other Member StatesPart 11 Responsibilities of the Bank under these Regulations (regs. 52-57)Regulation 52 Responsibilities of Bank with respect to authorised reinsurance undertakings and SPRVs established in the StateRegulation 53 Bank to be responsible for enforcing continued compliance with obligationsRegulation 54 Bank to collaborate with other competent authorities and the European CommissionRegulation 55 Bank to consult with other competent authorities before granting authorisation or when assessing compliance with conditionsRegulation 56 Bank to notify competent authority of other Member State of belief that reinsurance undertaking or SPRV of that State may be financially unsoundRegulation 57 Limitations on Bank with respect to its supervisory functions under these RegulationsPart 12 Special Powers of Bank to Deal with Certain Matters (regs. 58-60)Regulation 58 Consequences of failing to comply with provision of Part 4Regulation 59 Reinsurance undertaking to provide financial recovery plan if required to do so by the BankRegulation 60 Consequences of failure of SPRV to comply with certain provisionsPart 13 Special Provisions with Respect to Finite Reinsurance Contracts (regs. 61-62)Regulation 61 Powers of Bank with respect to finite reinsurance activities undertaken by reinsurance undertakings and SPRVRegulation 62 Regulation of finite reinsurance contractsPart 14 Relations Involving Reinsurance Undertakings and SPRVs Established in Other Member States (regs. 63-65)Regulation 63 Competent authority of other Member State empowered to undertake verification of information about reinsurance undertakings and SPRVs established in the StateRegulation 64 Bank entitled to take measures to prevent irregularities involving reinsurance undertakings and SPRVs established in other Member StatesRegulation 65 Competent authority of other Member State entitled to request Bank to respond appropriately against reinsurance undertakings and SPRVs established in the StatePart 15 Relations Involving Third Countries (regs. 66-70)Regulation 66 Treatment of reinsurance undertakings established in third countriesRegulation 67 Bank to ensure obligations of European Communities under international agreements are complied withRegulation 68 Bank may enter into agreement with responsible authority of third countryRegulation 69 Bank to notify European Commission of authorisations and acquisitions of reinsurance undertakings governed by laws of third countryRegulation 70 Minister to notify European Commission of difficulties encountered by reinsurance undertakings in establishing or carrying on business in third countryPart 16 Enforcement of Regulations (regs. 71-80)Regulation 71 Enforcement powers of the BankRegulation 72 Appointment of authorised officersRegulation 73 Powers of authorised officersRegulation 74 Warrant required to enter private dwellingRegulation 75 Offence to obstruct authorised officersRegulation 76 Offence to provide false or misleading information in purported compliance with direction or requirement under these RegulationsRegulation 77 Liability of officers of undertaking for offences committed by the undertakingRegulation 78 Penalties for offences under these RegulationsRegulation 79 Prosecution of offences under these RegulationsRegulation 80 Power of the Court to make enforcement ordersPart 17 Miscellaneous Provisions (regs. 81-85)Regulation 81 Power to amend or revoke rulesRegulation 82 Publication of rules, etc.Regulation 83 Consequences of certain reinsurance undertakings and SPRVs being wound upRegulation 84 Consequential amendment of Central Bank Act 1942Regulation 85 Consequential amendment of Insurance Act 1989Schedule 1 Determination of Required Solvency MarginSchedule 2 Guarantee FundsGiven underExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2006 - onwards
Version 2 of 2

Regulation 20 Reinsurance undertakings established in the State to maintain sound and adequate administrative and accounting procedures and internal control mechanisms

(1) Every authorised reinsurance undertaking established in the State shall establish and maintain -

(a) administrative and accounting procedures, and

(b) internal control mechanisms and risk management requirements,

that, in the opinion of the Bank, are sound and adequate.

(2) A reinsurance undertaking that, without reasonable excuse, fails to comply with paragraph (1) commits an offence.

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