S.I. No. 528/2006 - Central Bank Act 1942 (Section 33J and 33K)(Amendment) Regulations 2006


S.I. No. 528 of 2006

REGULATIONS

entitled

CENTRAL BANK ACT 1942 (SECTIONS 33J and 33K)(AMENDMENT) REGULATIONS 2006


S.I. No. 528 of 2006

Central Bank Act 1942 (Section 33J and 33K)(Amendment) Regulations 2006

I, Patrick Neary, Chief Executive of the Irish Financial Services Regulatory Authority, in exercise of the powers conferred on me by Section 33J(8) of the Central Bank Act, 1942 (as inserted by the Central Bank and Financial Services Authority of Ireland Act, 2003), with the agreement of the members of the Irish Financial Services Regulatory Authority, and with the approval of the Minister for Finance, hereby make the following regulations amending the Central Bank Act 1942 (Section 33J and 33K) Regulations 2006 ( S.I. No. 388 of 2006 ):

1.       These Regulations may be cited as the Central Bank Act 1942 (Sections 33J and 33K)(Amendment) Regulations 2006.

2.       The Central Bank Act 1942 (Section 33J and 33K) Regulations 2006 ( S.I. No. 388 of 2006 ) are hereby amended by the deletion in Table B7 therein of the phrase “50% of” in each place where the phrase occurs in such Table B7, so that the relevant portion of such Table B7 will now read as follows:

“The range is based on the combined total of Gross Premium Written (Profit and Loss Technical Accounts, Line 1 and 2) and Gross Technical Reserves (taken from Balance Sheet, Technical Provision - Sum of Unearned Premiums plus Claims Outstanding plus Long Term Provisions plus Other Technical Provisions) reported in audited accounts for the financial year ended 2004.”

SIGNED on this the 10th October 2006

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CHIEF EXECUTIVE

of the

IRISH FINANCIAL SERVICES REGULATORY AUTHORITY

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation)

These Regulations, made by the Chief Executive of the Irish Financial Services Regulatory Authority in accordance with Sections 33J (8) of the Central Bank Act, 1942 (as amended) amend the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2006 ( S.I. No. 388 of 2006 ), which amended the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 ( S.I. No. 447 of 2004 ) and the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 ( S.I. No. 273 of 2005 ). These various regulations set out the requirements of regulated financial service providers to pay a levy contribution to the Financial Regulator. The 2004 Regulations also provide for their collection and recovery of the levies as well as providing for certain obligations as to self-assessment and record keeping by regulated financial service providers. These Regulations will be published from time to time by the Financial Regulator on its website and in other ways that the Chief Executive thinks appropriate.