Finance (Miscellaneous Provisions) Act 2015
|
PART 4 Continuation of Insurance Regulations | ||
|
Definitions and application | ||
|
15. In this Part— | ||
“Act of 1972” means the European Communities Act 1972 ; | ||
“Act of 1989” means the Insurance Act 1989 ; | ||
“Bank” means the Central Bank of Ireland; | ||
“European act” means an act or provision of an act, adopted by an institution of the European Union, an institution of the European Communities or any other body competent under the treaties governing the European Union and any act concerning the conditions of accession of a Member State; | ||
“insurance undertaking” means a person who carries on or proposes to carry on non-life insurance business or life insurance business requiring authorisation under the relevant regulations or under the Solvency II Regulations; | ||
“life insurance business” means the business of providing insurance in respect of the classes of insurance set out in Part A of Annex I to the Life Regulations or Annex II to the Solvency II Directive; | ||
“Life Regulations” means the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ); | ||
“non-life insurance business” means the business of providing insurance in respect of the classes of insurance set out in Part A of Annex I to the Non-Life Regulations or Part A of Annex I to the Solvency II Directive; | ||
“Non-Life Regulations” means the European Communities (Non-Life Insurance) Framework Regulations 1994 ( S.I. No. 359 of 1994 ); | ||
“reinsurance undertaking” has the same meaning as it has in the Solvency II Regulations; | ||
“relevant undertaking” means— | ||
(a) an insurance undertaking or a reinsurance undertaking to which the relevant regulations would, but for the repeal of the repealed instruments, apply, but does not include an undertaking to which Title I, II or III of the Solvency II Directive applies, and | ||
(b) in so far as it is carrying on activity commenced before 1 January 2016, a special purpose reinsurance vehicle to which the relevant regulations would, but for the repeal of the repealed instruments, apply; | ||
“relevant regulations” means the instruments (in force immediately before the repeal of the repealed instruments) under statute made for the purpose of giving effect or further effect to the repealed instruments; | ||
“repealed instruments” means the European acts referred to in Article 310 of the Solvency II Directive; | ||
“Solvency II Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 3 , as amended by Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 4 , Directive 2012/23/EU of the European Parliament and of the Council of 12 September 2012 5 , Council Directive 2013/23/EU of 13 May 2013 6 , Directive 2013/58/EU of the European Parliament and of the Council of 11 December 2013 7 and Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 8 ; | ||
“Solvency II Regulations” means the regulations made under section 3 of the Act of 1972 to give effect to the Solvency II Directive; | ||
“special purpose reinsurance vehicle” means an authorised SPRV, within the meaning of the European Communities (Reinsurance) Regulations 2006 ( S.I. No. 380 of 2006 ), in respect of which the Bank has, pursuant to those regulations, granted an SPRV authorisation prior to 1 January 2016. | ||
3OJ No. L 335, 17.12.2009, p. 1. 4OJ No. L 326, 8.12.2011, p. 113. 5OJ No. L 249, 14.9.2012, p. 1. 6OJ No. L 158, 10.6.2013, p. 362. |