Table of Contents
European Communities (Life Assurance) Framework Regulations, 1994 [S.I. No. 360 of 1994]Introductory TextPart 1 Citation and Commencement, Interpretation, Scope and Taking up the Business of Life Assurance (regs. 1-9)Regulation 1 Citation and commencement.Regulation 2 Interpretation.Regulation 2A Determination of voting rights for certain purposes.Regulation 3 Technical adjustments.Regulation 4 Scope.Regulation 5 Powers of Court.Regulation 6 Authorisation/composite insurance undertakings.Regulation 6A Separation of life insurance and non-life insurance management.Regulation 7 Conditions when applying for authorisation.Regulation 8 Notification of conditions and documents.Regulation 9 Identities of shareholders.Part 2 Financial Supervision, Technical Reserves Provisions, Annual Returns, Accounts and Investigations, Statements, Audit and Auditor's Report, Certificates (regs. 10-34)Regulation 10 Financial supervision of insurance undertaking.Regulation 11 On the spot verification.Regulation 12 Maintenance/determination of technical reserves, including mathematical reserves, solvency margin, determination of liabilities, localisation of assets, currency matching, register of assets.Regulation 13 Annual returns, statistical documents.Regulation 14 Enforcement of continued compliance with obligations.Regulation 15 Periodic actuarial investigations.Regulation 16 Amount of liabilities and value of assets.Regulation 17 Accounts and returns laid before annual general meeting.Regulation 18 Modification of Insurance Acts in relation to accounts and other documents.Regulation 19 Deposit of documents with Bank.Regulation 20 Lodging of documents in Companies Office.Regulation 21 Certain documents to be laid before Oireachtas.Regulation 22 Accounts and statements.Regulation 23 Annual accounts.Regulation 24 Contents and form of account.Regulation 25 Revenue account.Regulation 26 Additional information.Regulation 27 Profit and loss account.Regulation 28 Balance sheet.Regulation 29 Periodic actuarial investigation.Regulation 30 Signature of documents.Regulation 31 Audit and auditor's report.Regulation 32 Certificates.Regulation 33 Transitional provisions.Regulation 34 General: References to Community deposit undertaking.Part 3 Assignment of Policies, Failure to Comply with Technical Reserves Provisions including Mathematical Reserves, Withdrawal/Lapse of Authorisation (regs. 35-39)Regulation 35 Assignment of policies.Regulation 36 Failure to comply with technical reserves provisions including mathematical reserves.Regulation 36A Insurance undertaking to provide plan for restoring its finances if required to do so by the Bank.Regulation 37 Withdrawal/lapse of authorisation.Regulation 38 Provisions applying in the case of revocation.Regulation 39 Reasons for revocation.Part 4 Acquisition and Disposal of Certain Interests in Insurance Undertakings (regs. 40-41)Regulation 40 Interpretation: Part 4.Regulation 40A Restrictions on acquiring and disposing of qualifying holdings in insurance undertakings.Regulation 40B Insurance undertakings to provide information in relation to certain acquisitions and disposals.Regulation 40C Period for assessment of proposed acquisition.Regulation 40D Assessment of proposed acquisitions.Regulation 40E Bank to cooperate with competent authorities of other Member States in certain cases.Regulation 40F Bank may fix period for completion of acquisition etc.Regulation 40G Notice of Bank's decision.Regulation 40H Bank may oppose certain acquisitions.Regulation 40I Decision to oppose proposed acquisition to be appealable.Regulation 40J Circumstances in which proposed acquisition not to be completed.Regulation 40K Effect of section 201 of the Companies Act 1963.Regulation 40L Insurance undertakings to provide information about shareholdings, etc.Regulation 40M Offence of providing false or misleading information, etc.Regulation 40N Power of Court to make certain orders.Regulation 41 Obligation of professional secrecy/exchanges of confidential information.Part 5 Choice of Law, General Good Requirements, Notification of Documents, Policyholder Disclosure, Cancellation Rights (regs. 42-45)Regulation 42 Law applicable to insurance contracts.Regulation 43 General good requirements.Regulation 44 Notification of documents/scales of premiums.Regulation 45 Policyholder disclosure rules/cancellation rights.Part 6 Right of Establishment, Freedom to Provide Services, General Conditions, Prevention of Irregularities (regs. 46-54)Regulation 46 Provisions related to right of establishment of a branch outside the State.Regulation 47 Amendment to branch information.Regulation 48 Conditions for establishing a branch in the State.Regulation 49 Amendment to branch information.Regulation 50 Conditions for carrying on insurance business by way of service into another Member State.Regulation 51 Conditions for carrying on insurance business by way of service into the State.Regulation 52 Amendment to services information.Regulation 53 General conditions related to services and branch insurance business.Regulation 54 Prevention of irregularities.Part 7 Advertising, Winding-up, Statistical Requirements (regs. 55-59)Regulation 55 Advertising.Regulation 56 Winding-up.Regulation 57 Statistical information.Regulation 58 Statistical requirement regarding services and branch insurance business.Regulation 59 Statistical information in the general good.Part 8 Fiscal Arrangements, Acquired Rights, Right of Appeal (regs. 60-62)Regulation 60 Fiscal arrangements.Regulation 61 Acquired rights.Regulation 62 Right of appeal to Court.Part 9 Provisions Related to Branches of Third Country Insurance Undertakings, Rules Applicable to the Assignment of Third Country Branch Policies, Penalties, Fees (regs. 63-74)Regulation 63 Third country branch provisions.Regulation 64 Application for authorisation.Regulation 65 Conditions of admission.Regulation 66 Technical reserves including mathematical reserves.Regulation 67 Solvency margin.Regulation 68 Guarantee Fund.Regulation 69 Annual returns.Regulation 70 Advances under Article 30 of the First Directive.Regulation 71 Application of Articles 36 and 37.Regulation 72 Assignment of third country branch insurance policies.Regulation 73 Penalties.Regulation 74 Lodgement of applications for authorisations.Part 10 Reciprocity Provisions, Interpretation of Sections 93 and 94 of the Insurance Act, 1936 (regs. 75-80)Regulation 75 Application of articles 75 to 79 to third country undertakings and acquisitions by such undertakings.Regulation 76 Definitions.Regulation 77 Notification to the Commission of authorisations and acquisitions of undertakings governed by the laws of a third country.Regulation 78 Notification to the Commission of difficulties encountered in establishing or carrying on business in a third country.Regulation 79 Reciprocity measures.Regulation 80 Interpretation of Sections 93 and 94 of the Insurance Act, 1936.Annex IAnnex II Solvency Margins and Guarantee FundsAnnex III Information to be supplied to the policyholderAnnex IV Determination of liabilitiesAnnex V Valuation of assetsAnnex VI Implicit ItemsAnnex VII Reinsurance, Currency Matching, Localisation, Documents of TitleSchedule 1 Summary of Accounts to be Completed AnnuallySchedule 2 Forms of Account and Additional InformationSchedule 3Schedule 3, Part 1 Auditors' ReportSchedule 3, Part 2 Certificate by directors etc.Schedule 3, Part 3 Certificate by appointed actuarySchedule 4 Abstract of Valuation Report Prepared by the Appointed ActuarySchedule 5 Statement of Life Assurance Business by the Appointed ActuarySchedule 6 Value of DependantsSchedule 6, Part 1 The Supplementary AmountSchedule 6, Part 2 Further Provisions and Modifications of the Regulations Applicable with Respect to the Determination of the Value of DependantsSchedule 7 Assets to be taken into account only to a specified extentSchedule 7, Part ISchedule 7, Part IISchedule 7, Part IIISchedule 7, Part IVGiven underExplanatory Note
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Regulation 27 Profit and loss account.
The profit and loss account required to be prepared by every insurance undertaking under Article 23 shall comply with the requirements of Schedule 2 to these Regulations and shall be prepared in Form 18.