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S.I. No. 143/1988 - European Communities (Life Assurance) (Amendment) Regulations, 1988.

S.I. No. 143 of 1988.

EUROPEAN COMMUNITIES (LIFE ASSURANCE) (AMENDMENT) REGULATIONS, 1988.

I, ALBERT REYNOLDS, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purposes of giving effect to Council Directive No. 79/267/EEC 1, hereby make the following regulations:

1O.J. No. L63, 13.3.1979.

1. These Regulations may be cited as the European Communities (Life Assurance) (Amendment) Regulations, 1988 and shall come into operation on the 1st day of July, 1988.

2. The European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), are hereby amended by the substitution of the following for sub-article (4) of Article 12:

"(4) A person who purports to have been designated by a life assurance undertaking as its authorised agent for the purposes of this Article or Article 28 of these Regulations shall be bound to comply with the provisions of these Regulations irrespective of any instructions he may receive from his principals."

GIVEN under my Official Seal, this 28th day of June, 1988.

ALBERT REYNOLDS,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations amend the European Communities (Life Assurance) Regulations, 1984. The effect of these Regulations will be to ensure that no personal financial liability will attach to the role of an authorised agent.