S.I. No. 150/1990 - European Communities (Life Assurance) (Amendment) Regulations, 1990.

S.I. No. 150 of 1990.

EUROPEAN COMMUNITIES (LIFE ASSURANCE) (AMENDMENT) REGULATIONS, 1990.

I, DESMOND O'MALLEY, 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:

⁽¹⁾O.J. No. L63, 13.3. 1979, pp. 1-18.

1. These Regulations may be cited as the European Communities (Life Assurance) (Amendment) Regulations, 1990 and shall come into operation on the 18th day of June, 1990.

2. In these Regulations the "Regulations of 1986" means the European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 ( S.I. No. 437 of 1986 ).

3. The European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), the Regulations of 1986, the European Communities (Life Assurance) (Amendment) Regulations, 1988 ( S.I. No. 143 of 1988 ), and these Regulations may be cited together as the European Communities (Life Assurance) Regulations, 1984 to 1990.

4. The Regulations of 1986 are hereby amended by the substitution—

( a ) of the following subparagraph for subparagraph (a) of paragraph (1) of Article 61—

"( a ) an Irish head office undertaking and a Community branch undertaking shall establish and maintain assets in the State equal to not less than 60 per cent of its combined linked and non-linked liabilities subject to the provision that assets equal to not less than 80% of the undertaking's non-linked liabilities shall be so established and maintained;", and

( b ) of the form set out in the Schedule to these Regulations for Form 4 contained in Schedule 2.

SCHEDULE

LIFE ASSURANCE BUSINESS	SUMMARY OF CHANGES IN BUSINESS — ORDINARY BRANCH	FORM 4
Name of Undertaking
Global business/Irish business/Community business/other		Non-linked/linked
Financial year ended
Units £000

		LIFE ASSURANCE			GENERAL ANNUITY			PENSION BUSINESS			PERMANENT HEALTH		CAPITAL REDEMPTION
		No. of Regular Premium Contracts	Annual Premiums	No. of Single Premium Contracts	No. of Regular Premium Contracts	Annual Premiums	No. of Single Premium Contracts	No. of Regular Premium Contracts	Annual Premiums	No. of Single Premium Contracts	No. of Contracts	Annual Premiums	No. of Contracts	Annual Premiums
1	2	3	4	5	6	7	8	9	10	11	12	13
In force at beginning of year	1
New Business	2
Net transfers currency adjustments and other alterations "on"	3
Total (2 + 3)	4
Deaths	5
Maturities	6
Surrenders	7
Forfeitures	8
Conversions to paid-up policies for reduced benefits	9
Net transfers currency adjustments expiries and other alterations "off"	10
Total (5 to 10)	11
In force at end of year (1 + 4-11)	12

GIVEN under my Official Seal, this 18th day of June, 1990.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations amend the European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 by reducing the 80% localisation requirement (in respect of Irish head office undertakings and Community branch undertakings) to 60% overall, subject to the 80% requirement remaining in respect of non-linked liabilities. Amendment is also made to the format of Form 4 contained in the 1986 Regulations. The effect of the amendment is to relieve life companies of the requirement to detail single premium information on this Form.