Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020

Report to Minister for Finance

86. (1) The Central Bank of Ireland shall, during the 12 months commencing on the date that is 11 years from the date on which this Part comes into operation, submit to the Minister for Finance a report setting out the views of the Central Bank of Ireland in relation to the operation of the provisions inserted in the Regulations of 2015 and the Regulations of 2018 by this Part, including as to—

(a) the continuing need to protect holders of insurance policies issued by active insurance run-off undertakings or administered or performed by active insurance distribution run-off undertakings,

(b) the number of active insurance run-off undertakings and active insurance distribution run-off undertakings,

(c) the classes of insurance to which the policies referred to in paragraph (a) relate.

(2) In this section—

“active insurance run-off undertaking” means a person who—

(a) satisfies the condition described in subparagraph (a) of paragraph (1) of Regulation 13A of the Regulations of 2015,

(b) satisfies either of the conditions described in subparagraph (b) of that paragraph,

(c) has complied with Regulation 13A(5) of the Regulations of 2015, and

(d) has not permanently ceased to carry on insurance business in the State;

“active insurance distribution run-off undertaking” means a person who—

(a) satisfies the condition described in subparagraph (a) of paragraph (1) of Regulation 3A of the Regulations of 2018,

(b) satisfies either of the conditions described in subparagraph (b) of that paragraph,

(c) has complied with Regulation 3A(5) of the Regulations of 2018, and

(d) has not permanently ceased to carry on insurance distribution business (within the meaning of the Regulations of 2018) in the State.