Central Bank and Financial Services Authority of Ireland (Amendment) Act 2017
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Amendment of section 57BA of Principal Act | ||
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2. Section 57BA of the Principal Act (as inserted by section 16 of the Act of 2004) is amended by the insertion of the following definition: | ||
“ ‘long-term financial service’ means— | ||
(a) subject to paragraph (b), a financial service the duration of which is a fixed term of 5 years and one month, or more, but, notwithstanding that the aggregate term of them may be 5 years and one month (or more), there does not fall within this paragraph a series of consecutive terms in respect of a financial service’s duration (provided no individual one of them is 5 years and one month, or more, in length), or | ||
(b) a financial service that is life assurance to which, by virtue of Regulation 4 of those Regulations, the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ) apply (not being life assurance falling within Class VII defined in the first Annex thereto) and regardless of whether the term of which life assurance is fixed at a specified calendar period or not;”. |