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 o
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