S.I. No. 15/2001 - Life Assurance (Provision of Information) Regulations, 2001

I, Noel Treacy, Minister of State at the Department of Enterprise, Trade and Employment, in exercise of the powers conferred on me by sections 43B, 43D and 43E (inserted by the Insurance Act, 2000 (No.42 of 2000)) of the Insurance Act, 1989 (No.3 of 1989) (as adapted by the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order, 1997 (S.I. 305 of 1997), and the Enterprise, Trade and Employment (Delegation of Ministerial Functions) Order, 1998 ( S.I. No. 265 of 1998 )), hereby make the following regulations:

1. These Regulations may be cited as the Life Assurance (Provision of Information) Regulations, 2001.

2. These Regulations shall come into operation on 1^st day of February, 2001.

3. (1) In these Regulations -

“actuary” has the meaning assigned to it by section 43E(2)(b)(inserted by the Insurance Act, 2000 (No.42 of 2000)) of the Insurance Act, 1989 (No. 3 of 1989);

“client”, in relation to a policy issued in connection with a housing loan where the client is the lender, includes the mortgagor;

“connected person”, in relation to an insurer, insurance intermediary or sales employee, shall be construed in accordance with subsection (2);

“housing loan” has the same meaning as in the Consumer Credit Act, 1995 (No. 24 of 1995);

“ illustrative table” means a table illustrating values in respect of a specific policy which is provided to a client pursuant to Regulations 6(1), 7 and 8 and Schedules 1 and 2;

“industrial assurance business” has the same meaning as in the Insurance Act, 1936 (No. 45 of 1936);

“intermediary remuneration”, in relation to a policy sold to a client, means -

(a) the cost of payments, benefits and services paid or provided by an insurer or connected persons of the insurer to an insurance intermediary or connected persons of the insurance intermediary, and

(b) in the case of an insurance intermediary who is a connected person of the insurer, an amount in respect of a notional profit margin sufficient to achieve comparability in the total amount of intermediary remuneration in respect of that policy with an insurance intermediary who is not a connected person of that insurer;

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

“Member State” means a Member State of the European Communities;

“policy” has the same meaning as in the Insurance Act, 1936 ;

“premium” has the same meaning as in the Insurance Act, 1936 ;

“sales employee” means a person employed by an insurer for the purposes of the negotiation and conclusion of insurance policies with clients and who receives sales remuneration from the insurer in respect of his or her employment;

“sales remuneration”, in relation to a policy sold by a sales employee, means -

(a) the cost of remuneration and other payments, benefits and services equivalent to intermediary remuneration, paid or provided by an insurer or connected persons of the insurer to a sales employee of the insurer or connected persons of the sales employee in connection with a policy sold to a client, and

(b) an amount in respect of a notional profit margin sufficient to achieve comparability in the total amount of sales remuneration in respect of that policy with the intermediary remuneration which would have been payable in respect of that policy to an insurance intermediary who is not a connected person of the insurer,

but does not include payment in respect of the cost of collecting premiums for industrial assurance business;

“service fee” means any amount payable, or payable in certain circumstances, other than the premium or part thereof, or any amount retained or received by the insurer or insurance intermediary in respect of services rendered in connection with assurance business, but does not include intermediary remuneration or sales remuneration;

“tied insurance agent” means an insurance agent who enters into -

(a) an agreement or arrangement with an insurance undertaking whereby the agent undertakes to refer all proposals of insurance to that insurance undertaking, or

(b) an agreement or arrangement with an insurance undertaking which restricts in any way the agent's freedom to refer proposals of insurance to any insurance undertaking other than the insurance undertaking with whom the agent entered into that agreement or arrangement.

(2) (a) Any question whether a person is connected with another shall be determined in accordance with the following provisions of this paragraph (any provision that one person is connected with another person being taken to mean also that that other person is connected with the first-mentioned person):

(i) a person is connected with an individual if that person is a relative of the individual;

(ii) a person, in his or her capacity as a trustee of a trust, is connected with an individual who or any of whose children or as respects whom any body corporate which he or she controls is a beneficiary of the trust;

(iii) a person is connected with any person with whom he or she is in partnership;

(iv) a company is connected with another person if that person has control of it or if that person and persons connected with that person together have control of it;

(v) any 2 or more persons acting together to secure or exercise control of a company shall be treated in relation to that company as connected with one another and with any person acting on the directions of any of them to secure or exercise control of the company.

(b) In paragraph (a) “control” has the meaning assigned to it by section 432 of the Taxes Consolidation Act, 1997 (No. 39 of 1997).

(3) In these Regulations -

(a) a reference to a Regulation or Schedule is a reference to a Regulation of or Schedule to these Regulations, unless it is indicated that reference to some other provision is intended, and

(b) a reference to a paragraph or subparagraph is a reference to a paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.

(4) In these Regulations a reference to any enactment or regulation shall be construed as a reference to that enactment or regulation as amended, extended or adapted by or under any subsequent enactment or regulation.

4. Subject to Regulation 5, these Regulations shall apply to the provision of life assurance by insurers and insurance intermediaries.

5. (1) These Regulations shall not apply to:

(a) the provision of life assurance to persons who are not resident in the state;

(b) subject to paragraph (2), a policy of life assurance where none of the clients is an individual;

(c) a policy of life assurance issued to the trustees of an occupational pension scheme within the meaning of section 2 of the Pensions Act, 1990 (No. 25 of 1990);

(d) contracts of creditor insurance, other than contracts in connection with or pursuant to the making of a housing loan.

(2) In the case of a policy of life assurance issued in connection with a housing loan, where the client is the lender or a person other than the mortgagor, these Regulations shall apply.

(3) For the purpose of this Regulation, “contracts of creditor insurance” means contracts which are effected for the purpose of insuring the repayment of a loan where it is intended that the contract will be assigned to or deposited with the lender or where the lender is the policyholder.

6. (1) Subject to Regulation 7, before a client signs a proposal or an application form for a policy of life assurance, an insurer or insurance intermediary shall provide to the client the information specified in Schedule 1.

(2) (a) The information referred to in paragraph (1) and in section 43B (inserted by the Insurance Act, 2000 ) of the Insurance Act, 1989 , shall be provided in writing, in a clear and accurate manner and in the form specified in Schedules 1 and 3 respectively.

(b) The text of the information referred to in the said section 43B is set out for convenience of reference in Schedule 3.

(3) When providing the information referred to in paragraphs (1) and (2), the insurer or insurance intermediary shall give to the client a declaration, in the form set out in Schedule 4, for completion by the client.

7. (1) Subject to paragraph (2), where, pursuant to Regulation 6(1), illustrative tables are provided to a client pursuant to paragraph A(3) and (4) of Schedule 1, the values given by the insurer in the illustrative tables shall be the values specific to that client and to the premium proposed to be paid by that client.

(2) Where, before a client signs a proposal or an application form for a policy of life assurance, it is not practicable to give the values referred to in paragraph (1) in the illustrative tables, the values given by the insurer in the illustrative tables in respect of the policy concerned may be values which apply to a standard policy of that type and to the premium payable in respect of such a standard policy.

(3) Subject to paragraph (4), where, before a client signs a proposal or an application form for a policy of life assurance, it is not practicable to give the values referred to in paragraph (1) in the illustrative tables, the insurer shall provide to the client illustrative tables giving those values when issuing the life assurance policy or a copy of the life assurance policy related to the proposal submitted by the client.

(4) Paragraph (3) shall not apply to industrial assurance policies.

(5) (a) Deviations from the form of the illustrative tables set out in paragraph A(3) and (4) of Schedule 1 shall be subject to the advice of the actuary.

(b) When giving advice pursuant to subparagraph (a), the actuary shall have regard to any guidance notes issued by the Society of Actuaries in Ireland for that purpose.

8. (1) Illustrative tables of projected benefits, expenses and charges, intermediary remuneration and sales remuneration shall be prepared by the insurer in accordance with -

(a) Schedule 2

(b) the advice of the actuary, and

(2) For the purpose of paragraph (1) -

(a) the actuary shall furnish a certificate to the insurer in the form set out in Schedule 5 in respect of each financial year of the insurer, stating, if such be the case, that the advice given by the actuary and any guidance notes issued by the Society of Actuaries in Ireland have been complied with by the insurer and the actuary shall include in the certificate such qualifications, amplifications or explanations in relation to that advice as the actuary considers appropriate, and

(b) the insurer shall furnish a declaration in the form set out in Schedule 6 in respect of each financial year of the insurer, stating, if such be the case, that all information requested by the actuary pursuant to his or her functions under these Regulations has been provided to the actuary and is accurate and the insurer shall include in the declaration such qualifications, amplifications or explanations as the insurer considers appropriate.

(3) The certificate and declaration referred to in subparagraphs (a) and (b) of paragraph (2) shall be submitted to the Minister for Enterprise, Trade and Employment within one month of the end of each financial year of the insurer.

(4) Where the declaration referred to in paragraph (2)(b) relates to business carried on through an Irish head office insurance undertaking the declaration shall be signed -

(a) where there are more than 2 directors of the insurer, by at least 2 of those directors and, where there are not more than 2 directors, by all of the directors, and

(b) by the chief executive, if any, of the insurer or, if there is no chief executive, by the company secretary.

(5) Where the declaration referred to in paragraph (2)(b) relates to business carried on by -

(a) an agency or branch in the State,

(b) a Community deposit undertaking,

(d) an Irish deposit undertaking,

the declaration shall be signed -

(i) by the authorised agent, and

(ii) by an officer or employee of the insurance undertaking who, either alone or jointly with others, is responsible for the conduct of the whole of the insurance business carried on by the insurer in the State.

(6) In this Regulation -

“Irish head office insurance undertaking”, “branch”, “Community deposit undertaking”, “external branch undertaking” and “Irish deposit undertaking” have the same meanings as in the Life Regulations;

“authorised agent” means a person referred to in Articles 46(2)(d) and Article 65(d) of the Life Regulations.

9. (1) (a) In the case of a policy, other than an industrial assurance policy, issued on or after the coming into operation of these Regulations and acquiring a surrender or maturity value, the insurer shall provide the client with an annual written statement which shall contain -

(i) the current premium payable,

(ii) the current surrender or maturity value, and

(iii) such further information as the insurer considers appropriate.

(b) The first annual statement shall be provided before 30 September 2002.

(2) In the case of industrial assurance policies issued after the coming into operation of these Regulations and acquiring a surrender or maturity value, the insurer shall provide the client, in respect of the policy concerned, with an annual written statement which shall contain -

(a) the current surrender or maturity value and the current premium payable for a standard policy of that type,

(b) guidance on how to calculate, specific to that client, the current surrender or maturity value and premium payable in respect of the policy, and

10. The forms set out in Schedules 4, 5 and 6 shall be used as far as practicable but a deviation from those forms shall not, by reason only of the deviation, make any declaration or certificate, as the case may be, invalid.

SCHEDULE 1

INFORMATION TO BE PROVIDED TO CLIENT PURSUANT TO REGULATION 6(1)

A. INFORMATION ABOUT THE POLICY

The following information shall be provided to the client using the prominent titles indicated in this paragraph.

(1) “MAKE SURE THE POLICY MEETS YOUR NEEDS!”

(i) The purpose and intention of the policy (e.g. whether protection or savings or a combination thereof).

(ii) The type of policy (e.g. regular premium savings policy, regular premium protection policy, term assurance policy, decreasing term assurance policy, regular premium pensions policy, single premium investment policy, single premium annuity or single premium pensions policy, whether critical illness cover or permanent health insurance is included, whether convertible, whether index-linked).

(iii) The long-term nature of the policy under which a commitment is given by the client to pay a premium in the form of a lump sum, or a regular weekly, monthly, quarterly or yearly premium, as the case may be and a statement indicating that unless the client is fully satisfied as to the nature of the commitment, having regard to the needs, resources and circumstances of that client, the client should not enter into that commitment.

(iv) Whether the proposed life assurance policy replaces in whole or in part an existing policy with the insurer concerned or any other insurer which has been or is to be cancelled or reduced and where an existing policy has been or is to be cancelled or reduced, that the insurer or insurance intermediary, insofar as the insurer or insurance intermediary is aware of or ought reasonably to be aware of such an existing policy, has advised the client as to the financial consequences of replacement and of possible financial loss as a result of replacement, and the declaration referred to in Regulation 6(3) (the form of which is set out in Schedule 4) shall include in a prominent position the following warning:

“WARNING

If you propose to take out this policy in complete or partial replacement of an existing policy, please take special care to satisfy yourself that this policy meets your needs. In particular, please make sure that you are aware of the financial consequences of replacing your existing policy. If you are in doubt about this, please contact your insurer or insurance intermediary.”

(2) “WHAT HAPPENS IF YOU WANT TO CASH IN THE POLICY EARLY OR STOP PAYING PREMIUMS?”

There shall be a statement in a prominent position indicating—

(i) whether or not the policy acquires a surrender value,

(ii) the consequences of non-payment of premium, and

(iii) that early surrender of the policy (where a policy can be surrendered early), either voluntarily or as a consequence of the non-payment of premiums, may result in a return less than the amount of the premiums paid into the policy over the same period.

(3) “WHAT ARE THE PROJECTED BENEFITS UNDER THE POLICY?”

(i) An Illustrative Table of Projected Benefits and Charges shall be provided to the client in the form set out in the Table to this subparagraph.

(ii) Where the policy does not acquire a surrender or maturity value the client shall be informed of this fact.

(iii) The Illustrative Table shall contain in a prominent position the following notice:

“IMPORTANT

THESE ILLUSTRATIONS ASSUME A RETURN OF (RATE)% PER ANNUM. THIS RATE IS FOR ILLUSTRATION PURPOSES ONLY AND IS NOT GUARANTEED.

ACTUAL INVESTMENT GROWTH WILL DEPEND ON THE PERFORMANCE OF THE UNDERLYING INVESTMENTS AND MAY BE MORE OR LESS THAN ILLUSTRATED.”

TABLE

ILLUSTRATIVE TABLE OF PROJECTED BENEFITS AND CHARGES

	A	B	C	D	E = A+B-C-D
	£	£	£	£	£
Year	Total amount of premiums paid into the policy to date	Projected investment growth to date	Projected expenses and charges to date	Projected cost of protection benefits to date	Projected policy value
1
2
3
4
5
10
15
20
MATURITY

(4) “WHAT INTERMEDIARY REMUNERATION OR SALES REMUNERATION IS PAYABLE?

An Illustrative Table of Intermediary Remuneration or Sales Remuneration shall be provided to the client in the form set out in the Table to this subparagraph.

TABLE

ILLUSTRATIVE TABLE OF INTERMEDIARY REMUNERATION OR SALES REMUNERATION

Year	Premium payable in that year	Projected total intermediary/ sales remuneration/brokerage fee payable in that year
	£	£
1
2
3
4
5
10
15
20
Year of Maturity

(5) “ARE RETURNS GUARANTEED AND CAN THE PREMIUM BE REVIEWED?”

(i) Where the premium shown is not guaranteed to provide the benefits as illustrated, there shall be a statement in a prominent position to that effect accompanying the illustration and, where appropriate, a statement—

(I) that the premium may need to be increased in order to achieve the benefits so illustrated, or

(II) if the premium is not so increased, that the benefits illustrated may not be achieved, should the investment return prove to be less than that assumed in the illustration.

(ii) Where the policy is a unit-linked protection policy, under which the insurer may increase the premium payable for the same level of cover or where cover can be reduced by the insurer for the same premium, there shall be a statement in a prominent position to that effect accompanying the illustration indicating the period, if any, during which the insurer may not increase the premium payable for the same level of cover or reduce cover for the same premium.

(6) “CAN THE POLICY BE CANCELLED OR AMENDED BY THE INSURER?”

(i) Subject to the terms and conditions of the policy, the circumstances in which a policy may be cancelled or materially amended at the option of the insurer, shall be stated.

(ii) A statement shall be included as to the consequences of failing to disclose material facts and or providing incorrect information when completing a proposal or application form for a policy of life assurance.

(7) “INFORMATION ON TAXATION ISSUES”

The following information shall be provided to the client in relation to taxation issues:

(i) the circumstances under which tax reliefs are available on premiums and pension product contributions and the extent of such tax reliefs;

(ii) the circumstances and extent to which the proceeds or benefits are taxable (for example, whether as income tax or capital gains tax, as appropriate).

B. INFORMATION ON SERVICE FEE

Where a service fee is charged by an insurer or insurance intermediary, the amount of the service fee shall be disclosed in writing to the client and shall be expressed as a monetary amount whether in relation to an initial service fee or in relation to an assumed renewal or annual service fee.

C. INFORMATION ABOUT THE INSURER OR INSURANCE INTERMEDIARY OR SALES EMPLOYEE

The following information shall be provided to the client:

(i) (I) Names of the insurer and insurance intermediary in full including their legal form and, where applicable, the name of the sales employee.

(II) In the case of tied insurance agents and insurance agents, the name or names of every insurer for which that person or financial institution, as the case may be, is a tied insurance agent or insurance agent, should be stated.

(ii) Contact telephone, fax number, e-mail address and relevant address for correspondence with the insurer and insurance intermediary or sales employee, as the case may be.

(iii) The Member State in which the head office of the insurer is situated and, where appropriate, the Member State of the branch of the insurer which will enter into the insurance contract.

(iv) Where the client deals directly with an insurance intermediary, any delegated authority or binding authority granted by the insurer, in relation to underwriting, claims handling and claims settlement, to that insurance intermediary.

SCHEDULE 2

COMPLETION OF ILLUSTRATIVE TABLES PURSUANT TO REGULATION 8(1)

PART 1

ILLUSTRATIVE TABLE OF PROJECTED BENEFITS AND CHARGES

1. For the purposes of completing the Illustrative Tables set out in paragraph A(3) and (4) of Schedule 1—

“projected investment growth to date” means the investment return earned on the policy value in the period up to and including the year referred to, and shall include any bonuses allocated to the policy;

“projected expenses and charges to date” means the projected total deductions to cover expenses and charges of the insurer made in the period up to and including the year referred to;

“projected cost of protection benefits to date” means the projected total deductions for the cost of protection benefits made in the period up to and including the year referred to;

“projected policy value” means the amount projected to be payable as a surrender value or a maturity value at the end of the year referred to, after deduction of any penalties applicable.

2. A rate not exceeding 8% per annum, before deduction of all anticipated expenses and charges, intermediary remuneration and sales remuneration related to the policy and before deduction of taxation, shall be used as the assumed projected rate of return in illustrating projected future benefits under the policy. In addition, a second Illustrative Table of Projected Benefits and Charges may be given to the client provided the basis of calculation of that second illustration is specified.

3. The Illustrative Table, or Tables, as the case may be, of Projected Benefits and Charges shall indicate the projected surrender or maturity value of the policy (Column E) after any penalties where applicable—

(i) at the end of each of the first 5 years following the inception of the policy, and

(ii) at the end of 10, 15 and 20 years following such inception and at maturity, where appropriate,

shown across from—

(I) the total amount of premiums paid into the policy to date (Column A),

(II) the projected investment growth to date (Column B),

(III) the projected expenses and charges to date (Column C), and

(IV) the projected cost of protection benefits to date (Column D),

so that the difference between the sum of the premiums paid and the projected investment growth, and the corresponding projected surrender or maturity values (Column E) is accounted for by the cost of either or both life assurance cover and other protection benefits and the charges and management expenses associated with the policy and surrender penalties.

4. (i) In illustrating the projected benefits of a unit-linked protection policy, the period of time for which the cover can be maintained by the premium shown, based on the assumptions underlying the illustration, shall be specified if this is less than the term of the policy.

(ii) The illustration shall state that an increased premium would be required to sustain the cover beyond the period of cover shown.

5. Where the policy includes insurance cover in respect of either or both critical illness and permanent health insurance, the effects of a claim under such insurance cover on the projected surrender or maturity value shall be specified.

6. (i) In the case of investment policies, the effect of all deductions, excluding the cost of deductions for protection benefits, on the projected investment yield on the gross premiums paid shall be stated in a prominent position below the Illustrative Table of Projected Benefits and Charges.

(ii) For the purposes of this paragraph “investment policy” means a contract where the projected maturity value in accordance with the Illustrative Table of Projected Benefits and Charges at least exceeds the cumulative amount of premiums paid.

7. Column C of the Illustrative Table of Projected Benefits and Charges shall include charges and management expenses including deductions from the premium which do not contribute to the value of any benefit such as “bid/offer” spread, annual fund management charge and expense charges.

8. (i) In the case of pension business contracts, an illustration shall be provided to the client indicating—

(I) the projected tax free sum available at retirement, where relevant,

(II) the projected balance of the fund available to purchase an annuity, and

(III) examples of projected monthly or weekly annuity payable at the illustrative rates of return.

(ii) The illustration shall be accompanied by a warning in a prominent position that—

(I) the illustration assumes a rate of return of _____%* per annum,

(II) the rate is for illustration purposes only and is not guaranteed, and

(III) actual investment growth will depend on how the investment performs and may be more or less than illustrated.

9. A statement shall be included that the premium payable includes the cost of the protection benefits, and all charges, expenses, intermediary remuneration and sales remuneration, where applicable.

PART 2

ILLUSTRATIVE TABLE OF INTERMEDIARY REMUNERATION OR SALES REMUNERATION

1. The Illustrative Table of Intermediary Remuneration or Sales Remuneration shall state the projected premium payable and the projected cost of total payments, benefits and services payable to insurance intermediaries or sales employees to cover intermediary remuneration or sales remuneration in connection with the policy in the policy year in question.

2. Where an arrangement exists between an insurer and an insurance broker or an insurance agent (other than a tied insurance agent) under which payments, benefits or services may be provided by the insurer to the insurance broker or the insurance agent which are contingent on the insurance broker or the insurance agent placing a minimum level of business with the insurer, then, where a policy contributes to the achievement of such contingent payments, benefits or services, a statement describing the arrangement that applies shall immediately follow the Illustrative Table of Intermediary Remuneration or Sales Remuneration.

3. In the Table of Intermediary Remuneration or Sales Remuneration “intermediary remuneration” may be described as a “brokerage fee”.

SCHEDULE 3

INFORMATION FOR POLICYHOLDERS

The following information, which is to be communicated to the policyholder before the contract is concluded (A) or during the term of the contract (B), must be provided in a clear and accurate manner, in writing, in an official language of the Member State of the commitment.

However, such information may be in another language if the policyholder so requests and the law of the Member State so permits or the policyholder is free to choose the law applicable.

A. Before concluding the contract

Information about the assurance undertaking		Information about the commitment
(a)1.	The name of the undertaking and its legal form	(a)4.	Definition of each benefit and each option
(a)2.	The name of the Member State in which the head office and, where appropriate, the agency or branch concluding the contract is situated	(a)5.	Term of the contract
		(a)6.	Means of terminating the contract
		(a)7.	Means of payment of premiums and duration
(a)3.	The address of the head office and, where appropriate, of the agency or branch concluding the contract	(a)8.	of payments Means of calculation and distribution of bonuses
		(a)9.	Indication of surrender and paid-up values and the extent to which they are guaranteed
		(a)10.	Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate
		(a)11.	For unit-linked policies, definition of the units to which the benefits are linked
		(a)12.	Indication of the nature of the underlying assets for unit-linked policies
		(a)13.	Arrangements for application of the cooling-off period
		(a)14.	General information on the tax arrangements applicable to the type of policy
		(a)15.	The arrangements for handling complaints concerning contracts by policyholders, lives assured or beneficiaries under contracts including, where appropriate, the existence of a complaints body, without prejudice to the right to take legal proceedings
		(a)16.	Law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the assurer proposes to choose

B. During the term of the contract

In addition to the policy conditions, both general and special, the policyholder must receive the following information throughout the term of the contract.

Information about the assurance undertaking		Information about the commitment
(b)1.	Any change in the name of the undertaking, its legal form or the address of its head office and, where appropriate, of the agency or branch which concluded the contract	(b)2.	All the information listed in points (a)4 to (a)12 of A in the event of a change in the policy conditions or amendment of the law applicable to the contract
		(b)3.	Every year, information on the state of bonuses

SCHEDULE 4

DECLARATION UNDER REGULATION 6(3) OF THE LIFE ASSURANCE (PROVISION OF INFORMATION) REGULATIONS, 2001.

WARNING

Ref. Policy Number____________

Declaration of Insurer or Intermediary

I hereby declare that in accordance with Regulation 6(1) of the Life Assurance (Provision of Information) Regulations, 2001, _______________* (the client) has been provided with the information specified in Schedule 1 to those Regulations and that I have advised the client as to the financial consequences of replacing an existing policy with this policy by cancellation or reduction, and of possible financial loss as a result of such replacement.

Signed ___________________________________

Name of insurer or insurance intermediary

Date ___________________________

Declaration of Client

I confirm that I have received in writing the information specified in the above declaration.

Signed____________

Name of client

Date ___________

SCHEDULE 5

CERTIFICATE OF ACTUARY UNDER REGULATION 8(2)(a) OF THE LIFE ASSURANCE (PROVISION OF INFORMATION) REGULATIONS, 2001

Name and address of Insurer:

Financial Year Ended:

Name and address of Actuary:

I hereby certify that, in respect of the above financial year, in preparing the illustrative tables of projected benefits, expenses and charges, intermediary remuneration and sales remuneration provided to clients by the above insurer pursuant to the Life Assurance (Provision of Information) Regulations, 2001, the insurer has complied with my advice and the relevant guidance notes issued by the Society of Actuaries in Ireland [subject to the qualifications, amplifications or explanations in this certificate].*

I certify that no qualifications to, amplifications or explanations of this certificate are necessary.*

This certificate is subject to the following qualifications, amplifications or explanations:*

Signed____________

Name of actuary

Date____________

SCHEDULE 6

DECLARATION OF INSURER UNDER REGULATION 8(2)(b) OF THE LIFE ASSURANCE (PROVISION OF INFORMATION) REGULATIONS, 2001

Name and address of Insurer:

Financial Year Ended:

Names and addresses of Directors:

and

Name and address of Chief Executive:

OR WHERE APPLICABLE

Name and address of Authorised Agent:

and

Name of officer or employee of insurance undertaking:

We declare that the information requested by the actuary pursuant to his or her functions under the Life Assurance (Provision of Information) Regulations, 2001, has been provided to the actuary and is accurate [subject to the qualifications, amplifications and explanations set out in this declaration].*

We declare that no qualifications, amplifications and explanations to this declaration are necessary.*

This declaration is subject to the following qualifications, amplifications and explanations:*

Signed ________________

director

______________________

director

______________________

chief executive

Date _________________

Signed ______________________

chief executive

______________________

officer of employee

GIVEN under my Hand

1^st day of February, 2001

NOEL TREACY

Minister of State at the Department

of Enterprise, Trade and Employment

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations require suppliers of life assurance to provide information to clients resident in Ireland before they sign a proposal or an application form in respect of life assurance and also throughout the term of the policy. The information is to include details of the policy, its appropriateness to the needs of the client, early encashment consequences, projected benefits and charges, intermediary/sales remuneration, review of premium, cancellation rights, together with other general and additional information, some of which is already subject to disclosure pursuant to the Third Life Assurance Framework Directive (92/96/EEC) as implemented by S.I. No. 360 of 1994 .

* The rate applied by the insurer in the illustration

* Insert client name and address

* Delete where not applicable