European Communities (Non-Life Insurance) Framework Regulations, 1994

• Jurisdiction: Ireland

S.I. No. 359 of 1994.
EUROPEAN COMMUNITIES (NON-LIFE INSURANCE) FRAMEWORK REGULATIONS, 1994.
ARRANGEMENT OF REGULATIONS
PART I
Citation and Commencement, Interpretation, Scope and Taking up the Business of Non-Life Insurance
Articles
1. Citation and commencement.
2. Interpretation.
3. Technical adjustments.
4. Scope.
5. Powers of Court.
6. Authorisations.
7. Conditions when applying for authorisations.
8. Notification of conditions and documents.
9. Identities of shareholders.
PART 2
Financial Supervision, Assignment of Policies, Technical Reserves Provisions, Solvency Margin, Valuation of Assets, Register of Assets, Discounting, Related Company, Failure to Comply with Technical Reserves Provisions, Withdrawal/Lapse of Authorisation
10. Financial supervision of insurance undertaking.
11. On the spot verification.
12. Assignment of policies.
13. Technical reserves provisions/solvency margin/valuation of assets/register of assets.
14. Discounting.
15. Transactions with a related company.
16. Failure to comply with technical reserves provisions.
17. Withdrawal/lapse of authorisation.
18. Provisions applying on withdrawal/lapse of authorisation.
19. Notification of reasons for revocation.
PART 3
Qualifying Holdings, Amendment to European Communities (Non-Life Insurance) (Amendment) Regulations, 1991, Obligation of Professional Secrecy/Exchanges of Confidential Information
20. Qualifying holdings.
21. Amendment to European Communities (non-life insurance) Amendment Regulations, 1991.
22. Obligations of professional secrecy/exchanges of confidential information.
PART 4
Choice of Law, General Good Requirements, Notification of Documents, Compulsory Insurance, Policyholder Disclosure
23. Law applicable to insurance contracts.
24. General good requirements.
25. Notification of documents/scales of premiums.
26. Compulsory insurance.
27. Policyholder disclosure rules.
PART 5
Right of Establishment, Freedom to Provide Services, Motor Insurance Business, General Conditions, Prevention of Irregularities
28. Provisions related to right of establishment of a Branch outside the State.
29. Amendment to Branch information.
30. Conditions for establishing a Branch in the State.
31. Amendment to Branch information.
32. Conditions for carrying on insurance business by way of services into another Member State.
33. Conditions for carrying on insurance business by way of services into the State.
34. Provisions related to third party motor liability insurance.
35. Amendment to services information.
36. General conditions related to services and branch insurance business.
37. Prevention of irregularities.
PART 6
Advertising, Winding-up, Statistical Requirements
38. Advertising.
39. Winding-up.
40. Statistical information.
41. Statistical requirements regarding services and branch insurance business.
PART 7
Guarantee Schemes, Fiscal Arrangements, Acquired Rights, Right of Appeal
42. Obligation to join guarantee schemes.
43. Fiscal arrangements.
44. Acquired rights.
45. Application of Regulations to branch under Article 44.
46. Right of appeal to Court.
PART 8
Provisions Related to Branches of Third Country Insurance Undertakings, Rules Applicable to the Assignment of Third Country Branch Policies, Rules Applicable to Health Insurance, Sections 93 and 94 of the Insurance Act, 1936 , Penalties, Fees
47. Third country branch provisions.
48. Application for authorisation.
49. Conditions of admission.
50. Technical reserves.
51. Solvency margin.
52. Guarantee Fund.
53. Annual returns.
54. Application of Articles 16 and 17.
55. Advantages under Article 26 of the First Directive/Application of Article 26 (2), (3) and (4).
56. Assignment of third country branch policies.
57. Health Insurance provisions.
58. Interpretation of Sections 93 and 94 of the Insurance Act, 1936.
59. Penalties.
60. Fees.
ANNEXES
Annex I Defined classes of insurance. Annex II Solvency margin and guarantee fund. Annex III Valuation of assets. Annex IV Matching rules.
SCHEDULES
Schedule 1 Value of dependants. (Part 1) Supplementary amount. (Part 2) Further provisions related to the value of dependants. Schedule 2 (Parts I to IV) Assets to be taken into account only to a specified extent.
S.I. No. 359 of 1994.
EUROPEAN COMMUNITIES (NON-LIFE INSURANCE) FRAMEWORK REGULATIONS 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. 73/239/EEC of 24 July, 1973, Council Directive No. 88/357/EEC of 22 June, 1988, Council Directive No. 90/618/EEC of 8 November, 1990, and Council Directive No. 92/49/EEC of 18 June, 1992, hereby make the following Regulations:
PART 1 Citation and Commencement, Interpretation, Scope and Taking up the Business of Non-Life Insurance
	1 Citation and Commencement.	1. (1) These Regulations may be cited as the European Communities (Non-Life Insurance) 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 (11) 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 1990, 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,—
"authorisation" means—
( a ) authorisation granted by the Minister under these Regulations or under the Regulations of 1976 or the Regulations of 1991 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 4 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;
"carrying on insurance business by way of establishment" means the covering of a risk 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 risk by an insurance undertaking in a Member State through a head office or branch situated in another Member State;
"the Court" means the High Court;
" the Directive" means EEC Council Directive 92/49/EEC(1);
"the First Directive" means EEC Council Directive 73/239/EEC(2);
"the general good" shall be construed in accordance with Article 24 of these Regulations;
"home Member State" means the Member State in which the head office of the insurance undertaking covering a risk is situated;
"insurance undertaking" means—
(1)O.J. L228, 11.8.1992, page 1.
(2)O.J. L228, 16.8.1973, page 3.
( a ) for the purpose of carrying on insurance business in the State by way of establishment: the holder of an authorisation under these Regulations or, as the case may be, under Article 6 of the first Directive as inserted by Article 4 of the Directive or the holder of an authorisation under Article 23 of the First Directive;
( b ) for the purpose of carrying on insurance business by way of services, the holder of an authorisation under these Regulations or, as the case may be, under Article 6 of the First Directive as inserted by Article 4 of the Directive;
"Member State" means a Member State of the European Communities;
"Member State of the branch" means the Member State in which the branch covering a risk is situated;
"Member State of the provision of services" means the Member State in which a risk is situated where it is covered by an insurance undertaking or a branch situated in another Member State;
"Member State where the risk is situated" means—
( a ) the Member State in which the property is situated, where the insurance relates either to buildings or buildings and their contents, in so far as the contents are covered by the same insurance policy,
( b ) the Member State of registration, where the insurance relates to vehicles of any type,
( c ) the Member State where the policyholder took out the policy in the case of policies of a duration of four months or less covering travel or holiday risks, whatever the class concerned,
( d ) the Member State where the policyholder has his habitual residence or, if the policyholder is a legal person, the Member State where the latter's establishment, to which the contract relates, is situated, in all cases not explicitly covered by the foregoing subparagraphs;
"non-life insurance" has the meaning assigned by Article 4 of these Regulations;
"the Regulations of 1976" means the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 );
"the Regulations of 1991" means the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations, 1991 ( S.I. No. 142 of 1991 );
"the Second...