S.I. No. 212/1990 - European Communities (Life Assurance) (Amendment) (No. 2) Regulations, 1990.

S.I. No. 212 of 1990.

EUROPEAN COMMUNITIES (LIFE ASSURANCE) (AMENDMENT) (No. 2) 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 purpose of giving effect to Council Directive No. 79/267/EEC of 5 March 1979¹, hereby make the following Regulations:

¹ O.J. No. L63, 13.3.1979, pp. 1-18.

1. (1) These Regulations may be cited as the European Communities (Life Assurance) (Amendment) (No. 2) Regulations, 1990, and shall come into operation on the 2nd day of August, 1990.

(2) The collective citation "the European Communities (Life Assurance) Regulations, 1984 to 1990" shall include these Regulations.

2. Article 36 of the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), is hereby amended by the substitution for subarticles (a), (b), (c) and (d) of the following:

"( a ) in the case where the application is made by an undertaking mentioned in Article 10 (a) of these Regulations, a fee of £2,000,

( b ) in the case where the application is made by an undertaking mentioned in Article 10 (b) of these Regulations, a fee of £1,000,

( c ) in the case where the application is made by an undertaking mentioned in Article 10 (c) or Article 27 (2) of these Regulations, a fee of £1,000, and

( d ) in the case where the application is made by an undertaking mentioned in Article 27 (1) of these Regulations, a fee of £1,000.".

GIVEN under my Official Seal, this 2nd day of August, 1990.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations amend the European Communities (Life Assurance) Regulations, 1984, by increasing the fees payable by insurance undertakings applying for an authorisation and for an extension to an authorisation to transact life assurance business in the State.