These Regulations give effect to the Third Non-Life Insurance Framework Directive (92/49/EEC - O. J. No. L 228/1) 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 require non-life insurance undertakings to furnish information and statistical documents necessary for supervision purposes to the Minister. The Regulations introduce revised rules for the valuation of underwriting liabilities and assets and revised requirements for localisation of assets. 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 also include certain information requirements which insurance unde
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