First Previous (SCHEDULE 1 Covered Pension Funds )

14 2009

Financial Measures (Miscellaneous Provisions) Act 2009

SCHEDULE 2

Amendments of Other Acts

Section 16 .

PART 1

Amendment of the Central Bank Act 1989

Item

Provision amended

Amendment

1

Section 75(1)

Substitute:

“(1) Subject to subsections (1A) and (1B), this Chapter applies to an acquisition by a person or more than one person acting in concert of shares or other interest in a holder of a licence.

(1A) This Chapter does not apply to an acquisition if

(a) after the acquisition the proportion of shares in the licence holder held by the acquiring person or persons would not exceed the prescribed percentage, and

(b) where the licence holder concerned is a body incorporated in the State, the acquisition, together with any other interest in the licence holder already held or controlled (directly or indirectly) by the acquiring person or persons, would not confer a right to appoint or remove some or all of the board of directors or committee of management of the licence holder.

(1B) This Chapter does not apply to an acquisition that is subject to notification and prudential assessment under the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992).

(1C) An acquisition to which this Chapter applies is referred to in this Chapter as an ‘acquiring transaction’.”.

PART 2

Amendment of the Credit Institutions (Financial Support) Act 2008

Section 17 .

Item

Provision amended

Amendment

1

Section 6(1)

After “the relevant date,” insert “and in accordance with this section,”.

2

Section 6(3)

Substitute:

“(3) Financial support provided under this section shall not continue beyond—

(a) 29 September 2010, or

(b) a later date specified by the Minister by order.

(3A) The Minister may specify a date under subsection (3)(b) if and only if—

(a) he or she is satisfied, after consulting the Governor and the Regulatory Authority, that the circumstances set out in section 2 exist and are likely to continue to exist until the date to be specified, and

(b) he or she is satisfied that it is necessary in the public interest that assistance continue to be provided under this section until that date.

(3B) The Minister may specify by order a period or periods during which credit institutions may incur borrowings, liabilities and obligations in respect of which financial support may be provided under this section.”.

3

Section 6

After section 6(19), insert:

“(20) In the event of there being any doubt or uncertainty over whether financial support provided or proposed to be provided in respect of a borrowing, liability or obligation of a credit institution or subsidiary may be provided under this section, the Minister may determine the matter. The Minister’s determination is conclusive.”.

PART 3

Amendment of the Insurance (No. 2) Act 1983

Section 18 .

Item

Provision amended

Amendment

1

Section 1(1), definition of “ ‘authorisation’ and ‘non-life insurance’ ”

Delete.

2

Section 1(1), definition of “the business”

Substitute:

“ ‘the business’ in relation to an insurer or reinsurer includes the business of managing investments and assets held by the insurer or reinsurer;”.

3

Section 1(1), definition of “ ‘insurer’ and ‘policy’ ”

Substitute:

“ ‘insurance business’ means non-life business or life business;

‘insurer’ means the holder of an authorisation issued by the Bank under—

(a) the Non-Life Insurance Regulations,

(b) the Life Assurance Regulations,

(c) the Non-Life Insurance Framework Regulations, or

(d) the Life Assurance Framework Regulations,

to carry on a class or description of insurance business;

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

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

4

Section 1(1), definition of “policyholder”

Substitute:

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

‘Non-Life Insurance Regulations’ means the European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976);

‘policy’ means a document or other writing by which a contract—

(a) of non-life insurance (within the meaning of the Non-Life Insurance Regulations or the Non-Life Insurance Framework Regulations) or life insurance (within the meaning of the Life Assurance Regulations or the Life Assurance Framework Regulations), or

(b) of reinsurance (within the meaning of the Reinsurance Regulations),

is made or agreed to be made or that is evidence of such a contract;

‘policyholder’, in relation to an insurer or a reinsurer, means a person (other than the issuing insurer or reinsurer) who is a party to a policy issued by the insurer or reinsurer;”.

5

Section 1(1), definition of “the Regulations”

Substitute:

“ ‘the Reinsurance Regulations’ means the European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006);

‘reinsurer’ means the holder of an authorisation under the Reinsurance Regulations;

‘the supervisory Regulations’ means—

(a) the Life Assurance Regulations,

(b) the Non-Life Insurance Regulations,

(c) the Reinsurance Regulations,

(d) the Non-Life Insurance Framework Regulations,

(e) the Life Assurance Framework Regulations, and

(f) the European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 (S.I. No. 366 of 2007).”.

6

Section 1

Insert after subsection (2):

“(3) Unless the contrary intention appears, a reference in sections 2 to 6 of this Act to an insurer includes a reinsurer.”.

7

Section 2(2)(a)(iii)

Substitute “the supervisory Regulations” for “the Regulations”.

8

Section 2(2)(b)

Substitute “insurance business or reinsurance business” for “non-life insurance business”.

9

Section 2(8)

Substitute:

“(8) In proceedings upon a petition presented under this Act, evidence that the matters set out in subsection (2)(a) pertained in relation to an insurer at the close of the period to which the latest returns of the insurer to the Bank under—

(a) the Insurance Acts 1909 to 2000,

(b) the supervisory Regulations, or

(c) the European Communities (Non-Life Insurance Accounts) Regulations 1995 (S.I. No. 202 of 1995),

relate, or on any later date, shall be evidence that such matters pertain in relation to the insurer at the time of the hearing of the proceedings.”.

10

After section 2, insert:

“Administrator’s power of sale, etc.

2A.(1) An administrator appointed under section 2 has, and shall be deemed always to have had, power to dispose of all or any part of the business, undertaking or assets of the insurer concerned and to carry on any remaining business including the settlement of liabilities, with a view to the orderly completion of the administration.

(2) Where such an administrator appointed before 20 March 1989 has disposed of all or any part of the business, undertaking or assets of an insurer authorised under the Non-Life Insurance Regulations, there may, with the approval of the court, be paid out of the Fund to the administrator such amounts as are, in the opinion of the court, required to enable the administrator to continue the administration with a view to its completion in an orderly manner.”.

11

Section 4

Substitute “insurance business or reinsurance business” for “non-life insurance business”.

12

Section 6

Substitute “insurance business or reinsurance business” for “non-life insurance business”.

PART 4

Amendment of the Insurance Act 1989

Section 19 .

Item

Provision amended

Amendment

1

Section 33

Delete.

PART 5

Amendment of the Netting of Financial Contracts Act 1995

Section 20 .

Item

Provision amended

Amendment

1

Section 1, definition of “party”

Substitute:

“ ‘party’ has the meaning given in section 1A;”.

2

After section 1, insert:

“Meaning of ‘party’.

1A.(1) In this Act, ‘party’ means, subject to subsections (2) and (3), a person constituting one of the parties to an agreement.

(2) In this Act ‘party’ includes, and shall be deemed always to have included—

(a) any number of persons who share a single, identical interest in the agreement referred to subsequently in this definition if there is no differentiation in the rights and obligations of each of them in that agreement,

(b) the partners in a partnership or limited partnership, including any limited partnership established under the Investment Limited Partnerships Act 1994 or the Limited Partnerships Act 1907, and

(c) the participants in—

(i) a common contractual fund authorised pursuant to the Investment Funds, Companies and Miscellaneous Provisions Act 2005 , the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 (S.I. No. 211 of 2003) or the laws of a Member State (other than the State) adopted to implement Council Directive No. 85/611/EEC of 20 December 1985 1 as amended, or

(ii) a sub-fund of a common contractual fund referred to in subparagraph (i),

(whether or not the fund is acting through a manager or a delegate of a manager),

in circumstances where any of such persons or such partners (acting in their capacity as such) or such fund or sub-fund enters into an agreement.

(3) In this Act ‘party’ does not include, and shall be deemed never to have included, any person in whose favour a party to an agreement has created any interest by way of security in any of the party’s rights, title and interest in and to that agreement.”.

PART 6

Amendment of the Taxes Consolidation Act 1997

Section 21 .

Item

Provision amended

Amendment

1

Section 230A

Insert “the National Pensions Reserve Fund,” before “the National Pensions Reserve Fund Commission or”.

2

Section 730D(2)(b)

Substitute “section 730E(3),” for “section 730E(3), or”.

3

Section 730D(2)(c)

Substitute “section 730E(3A),” for “section 730E(3A).”.

4

Section 730D(2)

After section 730D(2)(c), insert:

“(d) where the life policy is an asset held by the National Pensions Reserve Fund Commission or the State acting through that Commission, and that Commission has made a declaration to that effect to the assurance company, or

(e) where the life policy is an asset held by a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 )) or the State acting through a Commission investment vehicle and the Commission investment vehicle has made a declaration to that effect to the assurance company.”.

5

Schedule 15, Part 1

Insert after paragraph 34A:

“34B. The National Pensions Reserve Fund.”.

1OJ L375, 31/12/1985, p.3.