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S.I. No. 380 of 2006
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REGULATIONS
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entitled
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EUROPEAN COMMUNITIES (REINSURANCE) REGULATIONS 2006
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ARRANGEMENT OF REGULATIONS
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PART 1
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PRELIMINARY PROVISIONS
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Section
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1.
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Citation and commencement
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2.
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Object of these Regulations
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3.
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Interpretation
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4.
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Scope of these Regulations
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PART 2
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RESTRICTIONS ON CARRYING ON REINSURANCE BUSINESS
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5.
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Carrying on of reinsurance business prohibited unless authorised or exempt
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6.
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Reinsurance undertaking restricted to carrying on kind of reinsurance business permitted by its authorisation
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PART 3
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AUTHORISATION OF REINSURANCE UNDERTAKINGS
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7.
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Who is eligible to apply for a reinsurance authorisation?
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8.
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Eligible undertakings may apply for an authorisation to carry on reinsurance business
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9.
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Schemes of operations for reinsurance undertakings
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10.
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Bank to grant or refuse application for reinsurance authorisation
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11.
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Reinsurance undertakings taken to be authorised if carrying on business before 10 December 2005
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12.
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Power to impose, vary and revoke conditions of reinsurance authorisation
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13.
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Effect of reinsurance authorisation
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14.
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Cancellation of authorisation on application of reinsurance undertaking
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15.
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Cancellation of authorisation otherwise than on application of reinsurance undertaking.
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16.
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Partial cancellation of authorisation otherwise than on application of reinsurance undertaking
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17.
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Cancellation of reinsurance authorisation taken to have been granted under Regulation 11
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18.
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Consequences of cancellation of authorisation of reinsurance undertaking
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PART 4
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REGULATION OF REINSURANCE UNDERTAKINGS
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19.
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Application of this Part to authorised reinsurance undertakings
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20.
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Reinsurance undertakings established in the State to maintain sound and adequate administrative and accounting procedures and internal control mechanisms
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21.
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Reinsurance undertaking to lodge certain annual returns and other statistical documents with the Bank
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22.
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Transfer of reinsurance undertaking's policy portfolio prohibited without authorisation of the Bank
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23.
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Reinsurance undertaking to establish and maintain technical reserves, solvency margin and guarantee fund
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24.
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Reinsurance undertaking to establish and maintain equalisation reserve
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25.
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Bank may give directions for determining liabilities of authorised reinsurance undertaking
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26.
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Reinsurance undertaking to cover its technical and equalisation reserves by equivalent assets
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27.
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Reinsurance undertaking required to keep register of assets
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PART 5
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RESTRICTIONS ON OPERATING SPECIAL PURPOSE REINSURANCE VEHICLES
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28.
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Operation of SPRVs prohibited unless authorised
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29.
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SPRV restricted to transacting reinsurance business of a kind permitted by its authorisation
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PART 6
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AUTHORISATION OF SPRVs
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30.
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Applications to operate SPRVs
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31.
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Bank to grant or refuse application for SPRV
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32.
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SPRVs taken to be authorised if operating before 10 December 2005
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33.
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Power to impose, vary and revoke conditions of SPRV authorisation
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34.
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Effect of SPRV authorisation
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35.
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Cancellation of authorisation on application of SPRV
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36.
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Cancellation of authorisation otherwise than on application of person operating a SPRV
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37.
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Consequences of cancellation of SPRV authorisation under corresponding law of another Member State
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PART 7
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OPERATION OF SPRVs
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38.
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SPRV to comply with certain requirements
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39.
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Bank may make rules specifying solvency requirements for SPRVs
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PART 8
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ACQUISITION AND DISPOSAL OF QUALIFYING HOLDINGS IN REINSURANCE UNDERTAKINGS AND SPRVs
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40.
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Interpretation: Part 8
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41.
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Restrictions on acquiring and disposing of qualifying holdings in reinsurance undertakings and SPRVs
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42.
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Bank to consult with other competent authorities in certain cases
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43.
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Obligation of reinsurance undertaking or SPRV to provide information
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44.
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Bank may oppose certain acquisitions
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45.
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Power of Court to make certain orders
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PART 9
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AUDITING OF ACCOUNTS OF REINSURANCE UNDERTAKINGS AND SPRVs
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46.
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Responsibilities of auditors in respect of reinsurance undertakings and SPRVs
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47.
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Bank may require auditor of reinsurance undertaking or SPRV to provide information
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48.
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Auditor not liable to reinsurance undertaking or SPRV etc. for having complied with this Part
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PART 10
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PROVISIONS APPLICABLE TO BOTH REINSURANCE UNDERTAKINGS AND SPRVs
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49.
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Bank to keep Register of Authorised Reinsurance Undertakings and SPRVs
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50.
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Rights of appeal against certain Bank decisions made under these Regulations
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51.
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Consequences of cancellation of authorisation as regards other Member States
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PART 11
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RESPONSIBILITIES OF THE BANK UNDER THESE REGULATIONS
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52.
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Responsibilities of Bank with respect to authorised reinsurance undertakings and SPRVs established in the State
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53.
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Bank to be responsible for enforcing continued compliance with obligations
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54.
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Bank to collaborate with other competent authorities and the European Commission
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55.
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Bank to consult with other competent authorities before granting authorisation or when assessing compliance with conditions
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56.
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Bank to notify competent authority of other Member State of belief that reinsurance undertaking or SPRV of that State may be financially unsound
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57.
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Limitations on Bank with respect to its supervisory functions under these Regulations
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PART 12
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SPECIAL POWERS OF BANK TO DEAL WITH CERTAIN MATTERS
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58.
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Consequences of failing to comply with provision of Part 4
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59.
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Reinsurance undertaking to provide financial recovery plan if required to do so by the Bank
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60.
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Consequences of failure of SPRV to comply with certain provisions
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PART 13
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SPECIAL PROVISIONS WITH RESPECT TO FINITE REINSURANCE CONTRACTS
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61.
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Powers of Bank with respect to finite reinsurance activities undertaken by reinsurance undertakings and SPRVs
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62.
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Regulation of finite reinsurance contracts
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PART 14
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RELATIONS INVOLVING REINSURANCE UNDERTAKINGS AND SPRVs ESTABLISHED IN OTHER MEMBER STATES
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63.
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Competent authority of other Member State empowered to undertake verification of information about reinsurance undertakings and SPRVs established in the State
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64.
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Bank entitled to take measures to prevent irregularities involving reinsurance undertakings and SPRVs established in other Member States
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65.
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Competent authority of other Member State entitled to request Bank to respond appropriately against reinsurance undertakings and SPRVs established in the State
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PART 15
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RELATIONS INVOLVING THIRD COUNTRIES
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66.
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Treatment of reinsurance undertakings established in third countries
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67.
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Bank to ensure obligations of European Communities under international agreements are complied with
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68.
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Bank may enter into agreement with responsible authority of third country
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69.
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Bank to notify European Commission of authorisations and acquisitions of reinsurance undertakings governed by laws of third country
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70.
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Minister to notify European Commission of difficulties encountered by reinsurance undertakings in establishing or carrying on business in third country
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PART 16
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ENFORCEMENT OF REGULATIONS
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71.
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Enforcement powers of the Bank
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72.
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Appointment of authorised officers
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73.
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Powers of authorised officers
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74.
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Warrant required to enter private dwelling
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75.
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Offence to obstruct authorised officers
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76.
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Offence to provide false or misleading information in purported compliance with direction or requirement under these Regulations
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77.
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Liability of officers of undertaking for offences committed by the undertaking
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78.
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Penalties for offences under these Regulations
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79.
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Prosecution of offences under these Regulations
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80.
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Power of the Court to make enforcement orders
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PART 17
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MISCELLANEOUS PROVISIONS
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81.
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Power to amend or revoke rules
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82.
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Publication of rules, etc
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83.
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Consequences of certain reinsurance undertakings and SPRVs being wound up
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84.
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Consequential amendment of Central Bank Act 1942
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85.
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Consequential amendment of Insurance Act 1989
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SCHEDULE 1
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DETERMINATION OF REQUIRED SOLVENCY MARGIN
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1.
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Solvency margin required for reinsurance undertakings
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2.
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Bank may authorise repayment of certain loans in certain circumstances
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3.
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Other amounts that may be included in an undertaking's solvency margin
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4.
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Reductions in available solvency margin
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5.
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Required solvency margin to be determined either on premium basis or claims basis
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6.
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Determination of solvency margin on premium basis
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7.
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Determination of solvency margin on claims basis
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8.
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Reduction of fractions
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9.
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Solvency margin for life reinsurance undertaking
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10.
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Solvency margin for a reinsurance undertaking conducting simultaneously non-life and life reinsurance
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SCHEDULE 2
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GUARANTEE FUNDS
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1.
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What a reinsurance undertaking's guarantee fund must contain
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2.
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Minimum amounts for reinsurance undertaking's guarantee fund
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I, Brian Cowen, Minister for Finance, 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... |
