These Regulations give effect to the Third Life Assurance Framework Directive (92/96/EEC-O.J. No. L360/1) which institutes a single authorisation system of supervision of insurance undertakings operating throughout the European Communities whereby insurance undertakings transacting business on either a cross-border or branch basis will be subject to overall supervisory control of the supervisory authority where their head offices are located. The Regulations also implement relevant provisions of the Second life assurance freedom of services Directive (90/619/EEC-O.J. No. L330).

The Regulations require life assurance undertakings to submit statutory returns to the Minister for Enterprise and Employment in the format set out in the Schedules to these Regulations. They also require an actuarial investigation to be carried out annually and introduce revised rules for the valuation of underwriting liabilities and assets and revised requirements for localisation of assets and the treatment of reinsurance. The regulations provide that any significant increase or decrease in shareholdings in an insurance undertaking will be notified in advance to the Minister.

The Regulations introduce a mandatory fifteen-day "cooling-off" period for policyholders taking out most types of life assurance. The Regulations also introduce disclosure requirements for insurers obliging them to furnish information about the insurance company as well as information about the commitment and pertinent changes during the term of the insurance contract.

The Regulations contain provisions which oblige insurance undertakings to comply with the general good requirements of the State as specified.

The Regulations also provide for reciprocity measures regarding life assurance activities in Third countries.