S.I. No. 543/2004 - European Communities (Life Assurance) Framework (Amendment) Regulations 2004


S.I. No. 543 of 2004

REGULATIONS

European Communities (Life Assurance) Framework (Amendment) Regulations 2004

Made by the

Minister for Finance.

S.I. No. 543 of 2004 .

European Communities (Life Assurance) Framework (Amendment) Regulations 2004

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by Section 3 of the European Communities Act 1972 (No. 27 of 1972), as amended by the European Communities (Amendment) Act, 1993 (No. 25 of 1993), and for the purpose of giving effect to Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002,1 hereby make the following regulations:

Citation and commencement

1.     (1)     These Regulations may be cited as the European Communities (Life Assurance) Framework (Amendment) Regulations 2004.

(2)     These Regulations come into operation on 9 October 2004.

Amendment of Article 45 of European Communities (Life Assurance) Framework Regulations 1994

2.     Article 45 of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360/1994) is amended—

(a)      by substituting the following sub-article for sub-article (3):

“(3)  If—

(a)    a person has submitted to an insurance undertaking a proposal for an individual life assurance policy in respect of a commitment referred to in Article 4 of these Regulations, and

(b)    as a result of the proposal, the undertaking has issued such a policy to the person,

the person is entitled, within 30 days after the date on which the policy was issued, to cancel the policy by giving a notice of cancellation to the undertaking. For the purpose of this sub-article, the date on which a policy is issued is the date on which the policy is delivered to the person who submitted the proposal for the insurance or, if the policy is sent directly to that person by post, the date on which the policy is posted.”, and

(b)      by substituting the following sub-article for sub-article (5):

“(5) In the case of an industrial branch policy of insurance only, the undertaking may, through its industrial branch agent, deliver directly to the person who is seeking the policy—

(a)    a form of notice of cancellation, and

(b)    the insurance policy, and

(c)    any accompanying documents.

The form of notice of cancellation must specify that that person has 30 days after the date of delivery by the agent within which to serve the notice on the undertaking. This sub-article has effect despite sub-article (3) of this Article.”.

Transitional arrangements for notices of cancellation

3.     The amendments made by Regulation 2 of these Regulations apply only to and in respect of insurance policies that are issued by an insurance undertaking on or after 9 October 2004.

GIVEN under my Official Seal,

20th September 2004

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          Charlie McCreevy

Minister for Finance.

EXPLANATORY NOTE

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

These Regulations extend from 15 to 30 days the period (which commences on the date of issue of the policy) within which a policyholder may cancel a life assurance policy. The Regulations come into operation on 9 October 2004, in respect of policies issued on or after that date.

1      O.J. No. L 271, 9.10.2002, p.16.