Insurance Act, 2000

PART 2

The Insurance Acts

Chapter 1

Amendments of Act of 1989

Amendment of section 2 of Act of 1989 (Interpretation).

3.—Section 2 of the Act of 1989 is hereby amended in subsection (1)—

(a) by the substitution of the following for the definition of “authorisation”:

“‘authorisation’ means an authorisation granted by the Minister under the Regulations of 1976, the Regulations of 1984, the Non-Life Regulations of 1994 or the Life Regulations of 1994 to carry on a specified class or description of insurance business;”,

(b) by the deletion of the definition of “client”,

(c) by the substitution of the following for the definition of “the Insurance Acts”:

“‘the Insurance Acts’ means the Insurance Acts, 1909 to 2000, regulations made under those Acts and regulations relating to insurance made under the European Communities Act, 1972 ;”,

(d) by the substitution of the following for the definition of “insurance agent”:

“‘insurance agent’ has the same meaning as in the Investment Intermediaries Act, 1995 ;”,

(e) by the substitution of the following for the definition of “insurance broker”:

“‘insurance broker’ has the same meaning as in the Investment Intermediaries Act, 1995 ;”,

(f) by the substitution of the following for the definition of “insurance intermediary” or “intermediary”:

“‘insurance intermediary’ or ‘intermediary’ has the same meaning as an insurance intermediary under the Investment Intermediaries Act, 1995 ;”,

(g) by the insertion of the following after the definition of “insurance intermediary”:

“‘insurance undertaking’ or ‘undertaking’ means—

(a) the holder of an authorisation as defined in this section,

(b) the holder of an official authorisation granted pursuant to—

(i) Council Directive No. 73/239/EEC of 24 July 19731 as amended or extended from time to time,

(ii) Council Directive No. 79/267/EEC of 5 March 19792 as amended or extended from time to time, or

(iii) the Swiss Confederation Agreement as defined in the European Communities (Swiss Confederation Agreement) Regulations, 1996 ( S.I. No. 25 of 1996 ),

(c) the holder of an official authorisation to undertake insurance in Iceland, Liechtenstein or Norway pursuant to the EEA Agreement within the meaning of the European Communities (Amendment) Act, 1993 , or

(d) an insurance undertaking to which Article 6(4) of the Non-Life Regulations of 1994 applies;”,

(h) by the substitution of the following for the definition of “insurer”:

“‘insurer’ has the same meaning as insurance undertaking;”,

(i) by the substitution of the following for the definition of “life assurance”:

“‘life assurance’ means insurance of a class specified in Part A of Annex I to the Life Regulations of 1994;”,

(j) by the insertion of the following after the definition of “life assurance”:

“‘the Life Regulations of 1994’ means the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 );”,

(k) by the substitution of the following for the definition of “non-life insurance”:

“‘non-life insurance’ means insurance of a class specified in Part A of Annex I to the Non-Life Regulations of 1994;”,

(l) by the insertion of the following after the definition of “non-life insurance”:

“‘the Non-Life Regulations of 1994’ means the European Communities (Non-Life Insurance) Framework Regulations, 1994 ( S.I. No. 359 of 1994 );”,

and

(m) by the deletion of the definition of “undertaking”.

1 OJ No. L 228/3, 16.08.73

2 OJ No. L 63/1, 13.03.79