Insurance Act, 2000

PART 3

Amendment of Act of 1995

Amendment of section 2 of Act of 1995 (Interpretation).

16.—(1) Section 2 of the Act of 1995 is hereby amended in subsection (1)—

(a) by the insertion of the following after the definition of “indirect subsidiary”:

“‘insurance agent’ means an insurance intermediary acting for a limited number of insurance undertakings as specified in section 25C of this Act;

‘insurance broker’ means an insurance intermediary acting with the freedom of choice described in section 25B of this Act;

‘insurance intermediary’ means any person who, on a professional basis—

(a) assists or offers to assist third parties in the placing or taking-up of insurance, or

(b) gives or offers to give advice regarding insurance policies to third parties,

but does not include an insurance undertaking or an employee of an insurance undertaking when the employee is acting for that insurance undertaking;

‘insurance undertaking’ has the same meaning as in the Insurance Act, 1989 ;”,

(b) in the definition of “investment instruments”—

(i) by the insertion of the following after paragraph (l):

“(m) insurance policies;”,

and

(ii) in paragraph (III) by the deletion of “, or an insurance policy”,

(c) by the insertion of the following after the definition of “investment limited partnership”:

“‘investor’ includes a client of an investment business firm or of an insurance intermediary;”,

(d) by the insertion of the following after the definition of “investment limited partnership”:

“‘life assurance’ has the same meaning as in the Insurance Act, 1989 ;

‘life assurance intermediary’ means a person who acts as an insurance intermediary in respect of life assurance;”,

(e) in the definition of “officer” by the insertion after “by whatever name called” of “and includes a shadow director within the meaning of the Companies Act, 1990 ,”,

(f) by the insertion of the following after the definition of “Official Assignee”:

“‘non-life insurance’ has the same meaning as in the Insurance Act, 1989 ;

‘non-life insurance intermediary’ means a person who acts as an insurance intermediary in respect of non-life insurance;”,

(g) by the substitution of the following for the definition of “product producer”:

“‘product producer’ means a firm, institution, collective undertaking, investment company or insurance undertaking of the kind referred to in section 26(1)(i) to (vii) of this Act;”,

(h) by the insertion of the following after the definition of “regulated market”:

“‘the Regulations of 1989’ mean the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), and includes any subsequent amendments thereto;”,

and

(i) by the insertion of the following after the definition of “supervisory authority”:

“‘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) Section 2 of the Act of 1995 is hereby amended in subsection (6) by the substitution of the following for paragraph (h):

“(h) credit institutions which provide investment business services or investment advice.”.