European Communities (Life Assurance) Framework Regulations, 1994.

Statutory Instrument No.360/1994
Date29 November 1994



Citation and Commencement, Interpretation, Scope and Taking up the Business of Life Assurance.


1. Citation and commencement.

2. Interpretation.

3. Technical adjustments.

4. Scope.

5. Powers of Court.

6. Authorisation/composite insurance undertakings.

7. Conditions when applying for authorisation.

8. Notification of conditions and documents.

9. Identities of shareholders.


Financial Supervision, Technical Reserves Provisions, Annual Returns, Accounts and Investigations, Statements, Audit and Auditor's Report, Certificates.

10. Financial supervision of insurance undertaking/transactions with a related company.

11. On the spot verification.

12. Maintenance/determination of technical reserves, including mathematical reserves, solvency margin, determination of liabilities, localisation of assets, currency matching, register of assets.

13. Annual returns, statistical documents.

14. Enforcement of continued compliance with obligations

15. Periodic actuarial investigations.

16. Amount of liabilities and value of assets.

17. Accounts and returns laid before annual general meeting.

18. Modification of Insurance Acts in relation to accounts and other documents.

19. Deposit of documents with Minister.

20. Lodging of documents in Companies Office.

21. Laying of documents before Oireachtas.

22. Accounts and statements.

23. Annual accounts.

24. Contents and form of accounts.

25. Revenue account.

26. Additional information.

27. Profit and loss account.

28. Balance sheet.

29. Periodic actuarial investigation.

30. Signature of documents.

31. Audit and auditor's report.

32. Certificates.

33. Transitional provisions.

34. General: References to Community deposit undertaking.


Assignment of Policies, Failure to Comply with Technical Reserves Provisions including Mathematical Reserves, Withdrawal/Lapse of Authorisation

35. Assignment of policies.

36. Failure to comply with technical reserves provisions including mathematical reserves.

37. Withdrawal/lapse of authorisation.

38. Provisions applying in the case of revocation.

39. Reasons for revocation.


Qualifying Holdings, Obligation of Professional Secrecy/Exchanges of Confidential Information

40. Qualifying holdings.

41. Obligation of professional secrecy/exchanges of confidential information.


Choice of Law, General Good Requirements, Notification of Documents, Policyholder Disclosure, Cancellation Rights

42. Law applicable to insurance contracts.

43. General good requirements.

44. Notification of documents/scales of premiums.

45. Policyholder disclosure rules/cancellation rights.


Right of Establishment, Freedom to Provide Services, General Conditions, Prevention of Irregularities

46. Provisions related to right of establishment of a branch outside the State.

47. Amendment to branch information.

48. Conditions for establishing a branch in the State.

49. Amendment to branch information.

50. Conditions for carrying on insurance business by way of services into another Member State.

51. Conditions for carrying on insurance business by way of services into the State.

52. Amendment to services information.

53. General conditions related to services and branch insurance business.

54. Prevention of irregularities.


Advertising, Winding-up, Statistical Requirements

55. Advertising.

56. Winding-up.

57. Statistical information.

58. Statistical requirement regarding services and branch insurance business.

59. Statistical information in the general good.


Fiscal Arrangements, Acquired Rights, Right of Appeal

60. Fiscal arrangements.

61. Acquired rights.

62. Right of appeal to Court.


Provisions Related to Branches of Third Country Insurance Undertakings, Rules Applicable to the Assignment of Third Country Branch Policies, Penalties, Fees

63. Third country branch provisions.

64. Application for authorisation.

65. Conditions of admission.

66. Technical reserves including mathematical reserves.

67. Solvency margin.

68. Guarantee Fund.

69. Annual returns.

70. Advances under Article 30 of the First Directive.

71. Application of Articles 36 and 37.

72. Assignment of third country branch insurance policies.

73. Penalties.

74. Fees.


Reciprocity Provisions, Interpretation of Sections 93 and 94 of the Insurance Act, 1936

75. Application of articles 75 to 79 to third country undertakings and acquisitions by such undertakings.

76. Definitions.

77. Notification to the Commission of authorisations and acquisitions of undertakings governed by the laws of a third country.

78. Notification to the Commission of difficulties encountered in establishing or carrying on business in a third country.

79. Reciprocity measures.

80. Interpretation of Sections 93 and 94 of the Insurance Act, 1936.


Annex I

Defined classes of insurance.

Annex II

Solvency margin and guarantee fund.

Annex III

Policyholder information.

Annex IV

Determination of liabilities.

Annex V

Valuation of assets.

Annex VI

Implicit items.

Annex VII

Reinsurance, currency matching, localisation, documents of title.


Schedule 1

Summary of accounts to be completed annually (forms 1 to 24).

Schedule 2

Forms of account and additional information (forms 1 to 21).

Schedule 3

Certificates by auditors, directors and actuary (forms 22 to 24).

Schedule 4

Abstract of life assurance business by the appointed actuary (forms 25 to 30).

Schedule 5

Statement of life assurance business by the appointed actuary (forms 31 to 44).

Schedule 6

Value of dependants.

Schedule 7

Assets to be taken into account only to a specified extent.

S.I. No. 360 of 1994.


I, CHARLIE McCREEVY, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), as amended by the European Communities (Amendment) Act, 1993 (No. 25 of 1993), and for the purpose of giving effect to Council Directive No. 79/267/EEC of 5 March, 1979, Council Directive No. 90/619/EEC of 8 November, 1990, and Council Directive No. 92/96/EEC of 10 November, 1992, hereby make the following Regulations:


Citation and Commencement, Interpretation, Scope and Taking up the Business of Life Assurance.

1 Citation and commencement.

1. (1) These Regulations may be cited as the European Communities (Life Assurance) Framework Regulations, 1994, and shall come into operation on the 8th day of December, 1994. However, the provisions of these Regulations affecting the annual returns to be made to the Minister in accordance with Article 13 of these Regulations shall apply in respect of every financial year beginning on or after the 1st day of January, 1995.

(2) These Regulations and the Insurance Acts, 1909 to 2990, Regulations relating to insurance business made under those Acts and Regulations made under the European Communities Act, 1972 , may be cited together as the Insurance Acts and Regulations and shall be construed together as one.

2 Interpretation.

2. (1) In these Regulations, except where the context otherwise requires,—

"appointed actuary" means the person appointed to act as actuary to an undertaking to carry out any function relating to the business of that undertaking which is required by the Insurance Acts and Regulations to be undertaken by an actuary, being a Fellow Member of the Society of Actuaries in Ireland;

"authorisation" means—

( a ) authorisation granted by the Minister under these Regulations or under the Regulations of 1984 and still in force, or

( b ) where the context otherwise requires, authorisation granted by the authority charged by law with the duty of supervising the activities of insurance undertakings in a Member State other than the State in accordance with Article 6 of the First Directive as inserted by Article 3 of the Directive;

"branch" means an agency or branch of an insurance undertaking or any permanent presence of an undertaking in the State even if that presence does not take the form of an agency or branch but consists merely of an office managed by the insurance undertaking's own staff or by a person who is independent but has permanent authority to act for the insurance undertaking in the same way as an agency;

"capital at risk" means the amount payable on the happening of the insured event less the mathematical reserve in respect of the relevant contracts;

"carrying on insurance business by way of establishment" means the covering of a commitment by an insurance undertaking in a Member State through a head office or branch situated in that State;

"carrying on insurance business by way of services" means the covering of a commitment by an insurance undertaking in a Member State through a head office or branch situated in another Member State;

"cede" and "cession" in relation to reinsurance, include retrocede and retrocession;

"charges for management" means amounts chargeable in respect of the management of an internal linked fund in accordance with the conditions of those contracts of insurance under which property linked benefits are linked to the value of the fund or units of the fund;

"claim" means a claim against an insurance undertaking under a contract of insurance;

"claims payable" means the amount due to be paid by an undertaking during a financial year in respect of claims whether or not paid during that year;

"commission payable" means, in relation to a financial year of an insurance undertaking, the amount, whether or not paid during that year...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT