Insurance Act, 2000

JurisdictionIreland
CitationIR No. 42/2000


Number 42 of 2000


INSURANCE ACT, 2000


ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1.

Short title, collective citation and commencement.

2.

Interpretation.

PART 2

The Insurance Acts

Chapter 1

Amendments of Act of 1989

3.

Amendment of section 2 of Act of 1989 (Interpretation).

4.

Amendment of section 3 of Act of 1989 (Offences and penalties).

5.

Amendment of section 22 of Act of 1989 (Reinsurance).

6.

Amendment of Act of 1989: insertion of section 22A (Application of Act to reinsurance).

7.

Amendment of Act of 1989: insertion of Part IIIA (Provision of information).

8.

Repeal of Part IV of Act of 1989 (Regulation of insurance intermediaries).

9.

Amendment of section 59 of Act of 1989 (Appointment of authorised officers).

10.

Amendment of section 60 of Act of 1989 (Powers of authorised officers).

11.

Amendment of Second Schedule to Act of 1989 (Increase of penalties).

12.

Amendment of Act of 1989: Third Schedule (Information for policy holders).

Chapter 2

Amendment of Insurance Act, 1936

13.

Repeal of section 110 of Insurance Act, 1936 (Time limit for prosecution of offences).

Chapter 3

Miscellaneous Revocations

14.

Revocation and transitional provisions: Life Regulations of 1994.

15.

Revocation: authorised officers.

PART 3

Amendment of Act of 1995

16.

Amendment of section 2 of Act of 1995 (Interpretation).

17.

Amendment of Act of 1995: insertion of section 13A (Existing insurance intermediaries).

18.

Amendment of section 16 of Act of 1995 (Revocation of authorisation).

19.

Amendment of section 17 of Act of 1995 (Register of investment business firms).

20.

Amendment of section 21 of Act of 1995 (Directions by supervisory authority).

21.

Amendment of section 25 of Act of 1995 (Definition of “investment product intermediary”).

22.

Amendment of Part IV of Act of 1995 (Investment product intermediaries).

23.

Amendment of section 26 of Act of 1995 (Definition of restricted activity investment product intermediaries).

24.

Amendment of section 27 of Act of 1995 (Requirements for investment product intermediaries).

25.

Amendment of section 28 of Act of 1995 (Obligations on product producers).

26.

Disclosure obligations of restricted activity investment product intermediaries.

27.

Amendment of section 30 of Act of 1995 (Issue of receipts).

28.

Amendment of section 31 of Act of 1995 (Register of investment product intermediaries).

29.

Amendment of Act of 1995: insertion of section 31A (Scope of Part IV).

30.

Amendment of section 37 of Act of 1995 (Code of conduct).

31.

Repeal of section 51(5)(e) of Act of 1995 (Bonding).

32.

Amendment of section 65 of Act of 1995 (Powers of authorised officers).

33.

Amendment of section 74 of Act of 1995 (Power to make determinations for breaches of conditions or requirements).

PART 4

Amendment of Central Bank Act of 1995

34.

Amendment of section 16 of Central Bank Act, 1989 (Disclosure of information).

SCHEDULE 1

SCHEDULE 2


Acts Referred To

Assurance Companies Act, 1909

1909, 9 Edw. 7. c. 49

Central Bank Act, 1989

1989, No. 16

Central Bank Act, 1997

1997, No. 8

Companies Act, 1990

1990, No. 27

Data Protection Act, 1988

1988, No. 25

European Communities Act, 1972

1972, No. 27

European Communities (Amendment) Act, 1993

1993, No. 25

Insurance Act, 1936

1936, No. 45

Insurance Act, 1989

1989, No. 3

Insurance Acts, 1909 to 1990

Investment Intermediaries Act, 1995

1995, No. 11

Investor Compensation Act, 1998

1998, No. 32

Pensions Act, 1990

1990, No. 25

Petty Sessions (Ireland) Act, 1851

1851, 14 amp 15 Vict., c. 93

Solicitors Acts, 1954 to 1994

Transport (Tour Operators and Travel Agents) Act, 1982

1982, No. 3


Number 42 of 2000


INSURANCE ACT, 2000


AN ACT TO PROVIDE FOR THE AUTHORISATION AND SUPERVISION OF INSURANCE INTERMEDIARIES BY THE CENTRAL BANK OF IRELAND AND TO ENABLE FURTHER EFFECT TO BE GIVEN TO COUNCIL DIRECTIVE NO. 92/96/EEC OF 10 NOVEMBER 1992 AND FOR THOSE PURPOSES AND FOR THE PURPOSE OF PROVIDING FOR THE DISCLOSURE OF INFORMATION IN RELATION TO LIFE ASSURANCE AND NON-LIFE INSURANCE TO AMEND THE INSURANCE ACT, 1989, AND THE INVESTMENT INTERMEDIARIES ACT, 1995, AND TO PROVIDE FOR RELATED MATTERS.

[20th December, 2000]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART 1

Preliminary and General

Short title, collective citation and commencement.

1.—(1) This Act may be cited as the Insurance Act, 2000.

(2) This Act (other than sections 16 to 33 ) and the Insurance Acts, 1909 to 1990, may be cited together as the Insurance Acts, 1909 to 2000.

(3) This Act (other than sections 3 to 15 ), the Investment Intermediaries Act, 1995 , sections 37 to 49 of the Central Bank Act, 1997 , and section 44 and sections 52 to 69 of the Investor Compensation Act, 1998 , may be cited together as the Investment Intermediaries Acts, 1995 to 2000.

(4) (a) Subject to subsection (5), this Act shall come into operation on such day or days as, by order or orders made by the Minister for Enterprise, Trade and Employment, may be appointed either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes and different provisions.

(b) An order under this subsection may, as respects the repeal of Part IV of the Act of 1989 effected by section 8 of this Act, fix different days for the repeal of different provisions of the said Part IV or for the repeal for different purposes of any such provision.

(5) The Minister for Enterprise, Trade and Employment shall consult with the Minister for Finance before making an order under subsection (4) with respect to sections 16 to 33 of this Act.

Interpretation.

2.—(1) In this Act—

“Act of 1989” means the Insurance Act, 1989 ;

“Act of 1995” means the Investment Intermediaries Act, 1995 .

(2) A reference in this Act to any enactment shall be construed as a reference to that enactment as amended, extended or adapted by or under any subsequent enactment including this Act.

PART 2

The Insurance Acts

Chapter 1

Amendments of Act of 1989

Amendment of section 2 of Act of 1989 (Interpretation).

3.—Section 2 of the Act of 1989 is hereby amended in subsection (1)—

(a) by the substitution of the following for the definition of “authorisation”:

“‘authorisation’ means an authorisation granted by the Minister under the Regulations of 1976, the Regulations of 1984, the Non-Life Regulations of 1994 or the Life Regulations of 1994 to carry on a specified class or description of insurance business;”,

(b) by the deletion of the definition of “client”,

(c) by the substitution of the following for the definition of “the Insurance Acts”:

“‘the Insurance Acts’ means the Insurance Acts, 1909 to 2000, regulations made under those Acts and regulations relating to insurance made under the European Communities Act, 1972 ;”,

(d) by the substitution of the following for the definition of “insurance agent”:

“‘insurance agent’ has the same meaning as in the Investment Intermediaries Act, 1995 ;”,

(e) by the substitution of the following for the definition of “insurance broker”:

“‘insurance broker’ has the same meaning as in the Investment Intermediaries Act, 1995 ;”,

(f) by the substitution of the following for the definition of “insurance intermediary” or “intermediary”:

“‘insurance intermediary’ or ‘intermediary’ has the same meaning as an insurance intermediary under the Investment Intermediaries Act, 1995 ;”,

(g) by the insertion of the following after the definition of “insurance intermediary”:

“‘insurance undertaking’ or ‘undertaking’ means—

(a) the holder of an authorisation as defined in this section,

(b) the holder of an official authorisation granted pursuant to—

(i) Council Directive No. 73/239/EEC of 24 July 19731 as amended or extended from time to time,

(ii) Council Directive No. 79/267/EEC of 5 March 19792 as amended or extended from time to time, or

(iii) the Swiss Confederation Agreement as defined in the European Communities (Swiss Confederation Agreement) Regulations, 1996 ( S.I. No. 25 of 1996 ),

(c) the holder of an official authorisation to undertake insurance in Iceland, Liechtenstein or Norway pursuant to the EEA Agreement within the meaning of the European Communities (Amendment) Act, 1993 , or

(d) an insurance undertaking to which Article 6(4) of the Non-Life Regulations of 1994 applies;”,

(h) by the substitution of the following for the definition of “insurer”:

“‘insurer’ has the same meaning as insurance undertaking;”,

(i) by the substitution of the following for the definition of “life assurance”:

“‘life assurance’ means insurance of a class specified in Part A of Annex I to the Life Regulations of 1994;”,

(j) by the insertion of the following after the definition of “life assurance”:

“‘the Life Regulations of 1994’ means the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 );”,

(k) by the substitution of the following for the definition of “non-life insurance”:

“‘non-life insurance’ means insurance of a class specified in Part A of Annex I to the Non-Life Regulations of 1994;”,

(l) by the insertion of the following after the definition of “non-life insurance”:

“‘the Non-Life Regulations of 1994’ means the European Communities (Non-Life Insurance)...

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