S.I. No. 149/1990 - Insurance (Fees) Order, 1990.

S.I. No. 149 of 1990.

INSURANCE (FEES) ORDER, 1990.

The Minister for Industry and Commerce, in exercise of the powers conferred on him by section 7 of the Insurance Act, 1989 (No. 3 of 1989), and with the consent of the Minister for Finance, hereby orders as follows:

1. This Order may be cited as the Insurance (Fees) Order, 1990.

2. This Order shall come into operation on the 19th day of June, 1990.

3. In this Order—

"financial year" means, in relation to an undertaking, the period in respect of which the accounts of the undertaking are made up, whether that period is a year or not;

"gross premium income" has the meaning assigned to it by Article 5 (3) of this Order;

"the Minister" means the Minister for Industry and Commerce;

"solvency certificate" and "undertaking" have the same meaning as they have in the Insurance Act, 1989 (No. 3 of 1989).

4. There shall be paid by an undertaking to the Minister in respect of the issue to the undertaking of a solvency certificate a fee of £100.

5. (1) There shall be paid annually by an undertaking to the Minister, not later than the 30th day of June in each year, the fee specified in the second column of the Schedule to this Order opposite the mention of the gross premium income of the undertaking for the financial year ending in the previous year in the first column of that Schedule.

(2) In this Article and the Schedule to this Order references to the gross premium income of an undertaking for the financial year ending in the previous year shall be construed—

( a ) in the case of an undertaking the head office of which is in the State, as references to the global gross premium income of the undertaking in that financial year, and

( b ) in the case of an undertaking (other than an undertaking to which subparagraph (a) of this paragraph applies), as references to the gross premium income of the undertaking arising in the State in that financial year.

(3) In paragraph (2) of this Article "gross premium income" in relation to an undertaking means the figure for the gross premium income of the undertaking (including premiums receivable by the undertaking under reinsurance contracts accepted by the undertaking) which, after the deduction of discounts, refunds and rebates of premium but before deduction of premiums for reinsurance ceded and commission payable by the undertaking, is required to be stated in the annual accounts submitted by the undertaking to the Minister under the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), the European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 ( S.I. No. 437 of 1986 ), the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), or the European Communities (Non-Life Insurance Accounts) Regulations, 1977 ( S.I. No. 401 of 1977 ).

6. A fee shall not be payable by an undertaking under Article 5 of this Order in a year where the undertaking at any time in the 12 months up to the 30th day of June in that year or in the financial year ending in the previous year—

( a ) is being wound up and cannot lawfully effect any contracts of insurance, or

( b ) is subject to a direction of the Minister under section 18 (1) (i) of the Insurance Act, 1989 , to refrain from taking on new business.

Article 5.

SCHEDULE

GIVEN under the Official Seal of the Minister for Industry and Commerce, this 19th day of June, 1990.

S. MacLUGHADHA,

Assistant Secretary, Department of Industry and Commerce.

A person authorised by the Minister for Industry and Commerce to authenticate the Official Seal of the Minister.

The Minister for Finance hereby consents to the making of this Order.

GIVEN under the Official Seal of the Minister for Finance, this 19th day of June, 1990.

P. MOLLOY,

Assistant Secretary, Department of Finance.

A person authorised by the Minister for Finance to authenticate the Official Seal of the Minister.

EXPLANATORY NOTE.

This Order sets out the fee to be paid in respect of the issue of a solvency certificate. It also sets out the scale of fees to be paid annually to the Minister for Industry and Commerce by authorised insurance undertakings, as provided for under section 7 (1) of the Insurance Act, 1989 , when they deposit annually their accounts and other documents as required by section 11(1) of the aforementioned Act.

The level of fee for an insurance undertaking is fixed according to the amount of its gross premium income in respect of its global business in the case of a head office undertaking, and the amount of its gross premium income arising in the State in the case of a branch of agency, for the financial year to which the accounts relate. The Order specifies that no fee is payable where an insurance undertaking is being wound up, or the company is precluded from effecting contracts of insurance at the date when the accounts are deposited with the Minister for Industry and Commerce.

The amount of gross premium income on which the fees are to be based is the amount required to be included:—

( a ) in respect of a life head office insurance undertaking's global business (business written in Ireland in the case of a life branch or agency) in Column 1, Line 9 of Form 2 in Schedule I to the European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 ( S.I. No. 437 of 1986 );

( b ) in respect of a non-life head office insurance undertaking's global business (business written in Ireland in the case of a non-life branch or agency) in Column 1 (Gross), Line 2 of Form 1 plus the amount in Column 9 (Gross), Line 2 of Form 3 of the European Communities (Non-Life Insurance Accounts) Regulations, 1977 ( S.I. No. 401 of 1977 );

( c ) in respect of the syndicates of Lloyds, in Column 1, Line 1 of Form 15 of the European Communities (Non-Life Insurance Accounts) Regulations, 1977.