Insurance Act, 1989
|
Application of Act of 1978. |
27.— The Insurance (Amendment) Act, 1978 , is hereby amended by the substitution, for section 2, of the following section: | |
“2.— (1) This Act applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by— | ||
(a) a licensee in the course of his banking business, or | ||
(b) Industrial Credit Corporation Public Limited Company in the course of its business, or | ||
(c) Fóir Teoranta in the course of its business, | ||
or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both— | ||
(i) a requirement of a licensee or Industrial Credit Corporation Public Limited Company or Fóir Teoranta, and | ||
(ii) made solely for the purposes of securing financial facilities to be made available by that licensee, or Industrial Credit Corporation Public Limited Company or Fóir Teoranta. | ||
(2) For the purposes of this section— | ||
‘banking business’ has the meaning assigned to it by section 2 of the Central Bank Act, 1971 ; | ||
‘licensee’ means the holder of a licence granted under the Central Bank Act, 1971 .”. |