S.I. No. 202/1995:

EUROPEAN COMMUNITIES (NON-LIFE INSURANCE ACCOUNTS) REGULATIONS, 1995.

EUROPEAN COMMUNITIES (NON-LIFE INSURANCE ACCOUNTS) REGULATIONS, 1995.

I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purpose of giving effect to Council Directive No. 73/239/EEC of 24 July 1973,¹ Council Directive No. 88/357/EEC of 22 June 1988,² Council Directive No. 90/618/EEC of 8 November 1990,³ and Council Directive 92/49/EEC of 18 June 1992,⁴ hereby make the following Regulations:

1. These Regulations may be cited as the European Communities (Non-Life Insurance Accounts) Regulations, 1995.

2. In these Regulations--

"an authorisation" means an authorisation granted under the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), or the European Communities (Non-Life Insurance) Framework Regulations, 1994 ( S.I. No. 359 of 1994 );

"financial year" has the meaning assigned to it by section 2 of the Companies Act, 1963 (No. 33 of 1966);

"the Minister" means the Minister for Enterprise and Employment.

3. Every insurance undertaking which holds an authorisation and whose head office is either established in the State or in another country which is not a Member State of the European Union shall, in respect of the financial year in which these Regulations are made (or subsequent financial year as the Minister may direct) and in each succeeding financial year produce to the Minister an annual account covering the types of operation specified in the Schedule to these Regulations or such part of that Schedule as the Minister may from time to time direct.

⁽¹⁾O.J. No. L 228, 16.8.73, p. 3.

⁽²⁾O.J. No. L 172, 4.7.88, p. 1.

⁽³⁾O.J. No. L 330, 29.11.90, p. 44.

⁽⁴⁾O.J. No. L 228, 11.8.92, p. 1.

4. The forms set out in the Schedule to these Regulations are in substitution for the forms of accounts specified in the Insurance Acts, 1909 to 1990, insofar as those accounts relate to an insurance undertaking which holds an authorisation.

5. (1) Subject to paragraph (3) of this Regulation, any document submitted to the Minister under these Regulations shall be lodged in the Companies Registration Office and shall there be open to inspection by any person and copies of such document may be obtained by any person on payment of such fees as the Minister may from time to time determine.

(2) Subject to paragraph (3) of this Regulation, the Minister shall at least once in each year lay before each House of the Oireachtas copies of all such documents submitted to the Minister under these Regulations in the previous year and may append to such documents any explanatory statement or commentary which the Minister thinks fit.

(3) This Regulation does not apply to forms 1, 3, 5, 6, 7, 14,15 and 16 contained in the Schedule to these Regulations.

6. Amounts entered in a form in the Schedule to these Regulations shall be to the nearest £1,000.

7. (1) An insurance undertaking which holds an authorisation shall forward to the Minister each year two copies of the accounts and returns laid before its annual general meeting.

(2) The accounts and returns referred to in paragraph (1) of this Regulation shall be forwarded not later than one month after the annual general meeting.

8. (1) An insurance undertaking which fails to comply with any provision of these Regulations shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £1,500.

(2) Where an offence under these Regulations is committed by a body corporate and is proved to have been committed with the consent or connivance of or to be attributable to any neglect on the part of a director, manager, secretary or other person purporting to act in such capacity, such person shall also be guilty of an offence and shall be liable to be proceeded against and punished as if he were guilty of the first-mentioned offence.

9. The European Communities (Non-Life Insurance Accounts) Regulations, 1977 ( S.I. No. 401 of 1977 ), are hereby revoked.

SCHEDULE

SUMMARY OF ACCOUNTS TO BE COMPLETED ANNUALLY NON-LIFE INSURANCE BUSINESS

The business on this form was written in

Ireland in respect of Irish risks:

Ireland in respect of non-Irish risks:

Total business:

Class 14 Credit

GPI:__________________________________

Result on technical account (net)_______________________

FORM NO. 2

The business on this form was written in

Ireland in respect of Irish risks:

Ireland in respect of non-Irish risks:

Total business:

FORM NO. 3

UNDERWRITING REVENUE ACCOUNT FOR MARINE AVIATION AND TRANSIT THREE-YEAR BUSINESS OF _________________

YEAR ENDED ______________

Note: Premium is Net of Commission.

FORM NO. 4

UNDERWRITING REVENUE ACCOUNT FOR MARINE AVIATION AND TRANSIT THREE-YEAR BUSINESS OF ______________ YEAR ENDED ______________

Note: Premium is Net of Commission.

FORM NO. 5

SUMMARY DETAILS OF EU BUSINESS

Information required by Article 40 of the European Communities

(Non-Life Insurance) Framework Regulations 1994

FORM NO. 6

ASSET ANALYSIS

* Valuation of assets as per Annex III of the European Communities (Non-Life Insurance) Framework Regulations, 1994.

† Undertakings with their head office outside the European Union should specify the assets localised in Ireland.

†† This column is for information only.

We hereby certify that the values of the assets set out in the above statement have been ascertained at the date of this statement and are shown therein at amounts which in our belief do not exceed the true values appropriate to the headings specified.

FORM NO. 7

MATCHING OF ASSETS

(1) Specify percentage amount of technical reserves represented by assets denominated in ECU's if advantage has been taken of paragraph 9 of Annex IV of the European Communities (Non-Life Insurance) Framework Regulations, 1994 _______ %.

FORM NO. 8

YEAR ENDED

CLAIMS SETTLEMENT ANALYSIS

Notes:

1. This form should be completed in respect of Motor Vehicle, Employers Liability and Public Liability insurance business. Separate forms should be completed in respect of each establishment of an undertaking.

2. The following information should be shown as a footnote to the latest year of origin Form 8 for Motor Vehicle Business.

PROVISION FOR SHARE OF LIABILITIES TO MOTOR INSURANCE BUREAUX     £

PAYMENTS TO MOTOR INSURANCE BUREAUX    £

FORM NO. 9

CALCULATION OF UNEARNED PREMIUM RESERVE

Statement of method used to calculate UPR:

FORM NO. 10

BALANCE SHEET OF

AS AT

NON-LIFE BUSINESS

TOTAL LIABILITIES

We hereby certify that the values of all the Assets set forth in the above Balance Sheet have been ascertained and reviewed at the date of the Balance Sheet and are shown therein at amounts which in our belief do not exceed in the aggregate the realisable or market value of the Assets after taking into account the Investment Reserve Funds. Assets and Liabilities in foreign currencies have been converted in accordance with standard accounting practice. Mortgages and Loans included in the Balance Sheet are in our belief in the aggregate adequately secured. We further certify that no part of any Fund has been applied directly or indirectly for any purpose other than the class of business to which it is applicable.

FORM NO. 11

PROFIT AND LOSS ACCOUNT OF ________________

YEAR ENDED ________________

NON-LIFE BUSINESS

FORM NO. 12

ASSETS/LIABILITIES -- SUMMARY IN RESPECT OF BUSINESS IN REPUBLIC OF IRELAND

FORM NO. 13

EMPLOYMENT STATISTICS NAME OF COMPANY ________________

AS AT (DATE) _________________

FORM NO. 14

STATEMENT OF THE SOLVENCY MARGIN OF (NAME OF UNDERTAKING)

ALL ASSETS AVAILABLE TO COVER THE MINIMUM SOLVENCY MARGIN AS AT (DATE)

SCHEDULE 1

FORM NO. 14

STATEMENT OF THE SOLVENCY MARGIN OF (NAME OF UNDERTAKING)

SCHEDULE 2

Note: The items in Schedule 2 may be allowed on request and subject to proof being shown to the Minister.

Items shown under Schedule 2 represent    % of the solvency margin.

AMOUNT OF THE SOLVENCY MARGIN TO BE ESTABLISHED

FIRST RESULT

FORM NO. 14

STATEMENT OF THE SOLVENCY MARGIN

AMOUNT OF THE SOLVENCY MARGIN TO BE ESTABLISHED

SECOND RESULT

Note: Three or seven year account.

FORM NO. 14

STATEMENT OF THE SOLVENCY MARGIN

OF (NAME OF UNDERTAKING)

AS AT (DATE)

GENERAL BUSINESS -- SUMMARY OF TREATY REINSURANCE BUSINESS CEDED

Note: Details of any reinsurer removed from the reporting company's reinsurance security listing during the year of account should be given in a note to this form. If no reinsurer has been deleted, this should be recorded also.

In relation to financial reinsurance the requirements in Article 14, Subarticle 3 of the European Communities (Non-Life Insurance) Framework Regulations, 1994, should be met.

GENERAL BUSINESS -- SUMMARY OF TREATY REINSURANCE BUSINESS CEDED

GENERAL BUSINESS -- SUMMARY OF FACULTATIVE REINSURANCE BUSINESS CEDED

Note: Where there are more than ten facultative reinsurers (whose liability is in excess of £100,000 per risk or per event) in an accounting class/risk group, a general summary should be given showing the number of such reinsurers involved and the aggregate totals for columns 6 to 9.

Details of any reinsurer removed from the reporting company's reinsurance security listing during the year of account should be given in a note to this form. If no reinsurer has been delisted, this should be recorded also.

FORM NO. 17

CERTIFICATE

Note:

A statement attesting the correctness of the information provided on all forms should be signed by a majority of the Directors of the undertaking.

A statement attesting the correctness of the information appearing on the Balance Sheet, Profit and Loss Account, Asset Analysis, Assets/Liabilities Summary (as appropriate) should be signed by the insurers auditors.

GIVEN under my Official Seal, this 20th day of July, 1995.

RICHARD BRUTON,

Minister for Enterprise and Employment.

EXPLANATORY NOTE.

This Instrument introduces new Statutory Returns, in the form set out in the Schedule hereto, which are required to be submitted by authorised non-life insurance undertakings whose head office is established in Ireland or outside the European Union. The provisions of this Instrument, which replace those of the European Communities (Non-Life Insurance Accounts) Regulations, 1977, shall apply in respect of the financial year in which the Instrument is made and all subsequent financial years. The availability of the information contained in the Schedule will enable the Minister for Enterprise and Employment to exercise his supervisory function in accordance with the provisions of the European Communities (Non-Life Insurance) Framework Regulations, 1994 ( Statutory Instrument No. 359 of 1994 ).