Insurance Act, 1990

Power to hold shares.

9.—(1) Notwithstanding anything contained in sections 32 and 60 of the Companies Act, 1963 , and subject to subsection (2) of this section, it shall be lawful for an assurance company incorporated in the State to subscribe for or purchase and to hold any class of shares in its holding company out of the assets of its life assurance fund: provided that—

(a) the shares of such class in that company subscribed for, purchased or held are listed on a recognised stock exchange, and

(b) the total number of shares of any one class so held shall not at any one time exceed 10 per cent. of the shares in such class issued or allotted or of the voting rights attaching to that class of shares.

(2) The Minister for Industry and Commerce may attach such requirements to, or impose such restrictions on, the exercise of the power in this section as he sees fit in the interests of the prudent regulation of life assurance in the State.

(3) The Minister for Industry and Commerce may, by order, after consultation with the Minister, amend or vary the percentage referred to in subsection (1) of this section.

(4) An order under this section may make such transitional or temporary provisions in relation to the acquisition or disposal of the relevant shares as the Minister for Industry and Commerce sees fit to enable the order to have full effect.

(5) In this section—

“assurance company” means a company which is the holder of an authorisation under the European Communities (Life Assurance) Regulations, 1984 (S. I. No. 57 of 1984);

“holding company” has the meaning assigned to it by section 155 of the Companies Act, 1963 ;

“life assurance fund” means the total fund of assets maintained by a life assurance company in respect of its life assurance business, not being shareholders' assets.