Unclaimed Life Assurance Policies Act 2003
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Power to inspect insurance undertakings carrying on life assurance business in the State by way of branch establishment or by way of services into the State. |
21.—(1) Where an insurance undertaking is carrying on life assurance business in the State by way of branch establishment or by way of services into the State, in the interests of consumer protection, the proper and orderly regulation of the financial services industry or the general good, it shall submit to an inspector, on request, all documents which the inspector considers necessary for the purposes of implementing this section insofar as an insurance undertaking with a head office situated in the State is also required to do so. | |
(2) Where an insurance undertaking carrying on life assurance business by way of branch establishment or by way of services into the State does not comply with a request from an inspector under subsection (1), the inspector shall inform the regulatory authority which may, by written direction, require the insurance undertaking to comply with the request. | ||
(3) Where an insurance undertaking fails to comply with a direction under subsection (2) of this section or section 25 (1), as the case may be, the regulatory authority shall inform the supervisory authority concerned. | ||
(4) If, after informing the supervisory authority concerned under subsection (3), any measures taken by the supervisory authority against the insurance undertaking concerned are, in the opinion of the regulatory authority, not adequate and the undertaking continues to contravene this Act, the regulatory authority may, after informing the supervisory authority of its intention, apply to the High Court for such order as to the Court may seem fit, in order to prevent further infringements of this Act, including, insofar as is necessary and in accordance with the Insurance Acts 1909 to 2000, regulations made under those Acts and regulations relating to insurance made under the European Communities Act 1972 , the prevention of that insurance undertaking from continuing to conclude new insurance contracts within the State. | ||
(5) The regulatory authority shall give written notification to the insurance undertaking concerned of any order of the High Court under subsection (4) or measure adopted by the regulatory authority pursuant to this section together with the grounds for the adoption of the measure. |