Insurance Act, 1989

Interpretation.

2.—(1) In this Act, except where the context otherwise requires—

“authorisation” means an authorisation issued by the Minister under the Regulations of 1976 or the Regulations of 1984 to carry on a specified class or description of insurance business;

“authorised agent” in relation to an undertaking means the person designated as authorised agent of the undertaking under the Regulations of 1976 or the Regulations of 1984;

“business” means assurance or insurance business;

“client” means a person who requests an insurance intermediary to arrange insurance on his behalf;

“commission payment” has the meaning given to it by subsection (3);

“the Companies Acts” means the Companies Act, 1963 , and any enactment which is to be construed together with it;

“contravention” in relation to any provision of this Act includes failure to comply with any requirement imposed by or under that provision and “contravene” shall be construed accordingly;

“Council Directive” means a Directive of the Council of the European Communities;

“the Court” means the High Court;

“insurance” includes assurance;

“the Insurance Acts” means the Insurance Acts, 1909 to 1989, and regulations relating to insurance business made under the European Communities Act, 1972;

“insurance agent” means any person who holds an appointment in writing from an insurer enabling him to place insurance business with that insurer, but does not include an insurance broker or an employee of an insurer when the employee is acting for that insurer;

“insurance broker” means a person who, acting with the freedom of choice described in section 44 (1) (b), brings together, with a view to the insurance of risks, persons seeking insurance and insurance undertakings, and carries out work preparatory to the conclusion of contracts of insurance, but does not include an insurance agent or an employee of an insurer when the employee is acting for that insurer;

“insurance intermediary” or “intermediary” means an insurance agent or an insurance broker;

“insurer” means the holder of an authorisation under the Regulations of 1976 or the Regulations of 1984;

“life assurance” means assurance of a class specified in Schedule 1 to the Regulations of 1984;

“non-life insurance” means insurance of a class specified in Schedule 1 to the Regulations of 1976;

“the Minister” means the Minister for Industry and Commerce;

“prescribe” means prescribe by regulations made under this Act;

“regulations” means regulations made under the Insurance Acts, 1909 to 1989, and regulations relating to insurance business made under the European Communities Act, 1972;

“the Regulations of 1976” means the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 );

“the Regulations of 1984” means the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 );

“solvency certificate” means a certificate issued by the Minister to an undertaking attesting its compliance with the solvency requirements specified in the Regulations of 1976 or the Regulations of 1984 as appropriate;

“supervisory authority” means, in respect of any territory, the authority charged by law with the duty of supervising the activities of insurance undertakings in that territory;

“undertaking” means the holder of an authorisation.

(2) References in the Insurance Acts, 1909 to 1989, to “assurance company” or “insurance company” shall be construed as references to the holder of an authorisation, and references to “licence” shall be construed as references to “authorisation”.

(3) (a) A commission payment, for the purpose of this Act, is a payment, including a commission or other remuneration, reward or benefit in kind, paid or payable by or on behalf of the holder of an authorisation to an insurance intermediary in connection with the insurance business of the holder and includes the time allowed by the holder to the intermediary for the payment by the intermediary to the holder of premiums received by the intermediary for the holder for contracts of insurance entered into by the holder.

(b) The value of the time allowed by an intermediary for the payment of a commission is to be taken into account in the calculation of the value of the time so allowed by the holder.

(4) In this Act a reference to a Part, section or Schedule is to a Part or section of this Act or to a Schedule to this Act, unless it is indicated that reference to some other enactment is intended.

(5) In this Act a reference to a subsection or paragraph is to the subsection or paragraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.