Central Bank Act 1942

33ANF

F326 [ Application of Part to insurance holding companies and mixed financial holding companies

33ANF. (1) This Part applies in relation to

( a ) the commission or suspected commission by an insurance holding company or mixed financial holding company of a contravention of

(i) a provision of Part 17 of the European Union (Insurance and Reinsurance) Regulations 2015 or any other provision of those Regulations as applied to the insurance holding company or mixed financial holding company by that Part,

(ii) any direction given to an insurance holding company or mixed financial holding company under a provision referred to in subparagraph (i) or any direction given under financial services legislation to the insurance holding company or mixed financial holding company pursuant to a provision referred to in subparagraph (i),

(iii) any requirement imposed on an insurance holding company or mixed financial holding company under a provision referred to in subparagraph (i), under any direction given to an insurance holding company or mixed financial holding company under a provision referred to in subparagraph (i), or under any direction given under financial services legislation to the insurance holding company or mixed financial holding company pursuant to a provision referred to in subparagraph (i), or

(iv) any obligation imposed on an insurance holding company or mixed financial holding company by this Part or imposed by the Bank pursuant to a power exercised under this Part, and

( b ) participation, by a person concerned in the management of an insurance holding company or mixed financial holding company, in the commission of such a contravention.

(2) For the purposes of subsection (1)

( a ) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to an insurance holding company or mixed financial holding company,

( b ) a reference in this Part to a prescribed contravention includes a reference to a contravention, by an insurance holding company or mixed financial holding company, of a provision, direction, requirement or obligation referred to in subsection (1) , and

( c ) a reference in this Part to a person concerned in the management of a regulated financial service provider includes a reference to a person concerned in the management of an insurance holding company or mixed financial holding company.

(3) Nothing in this section limits the application of this Part in relation to matters other than those referred to in subsection (1) .

(4) In this section insurance holding company and mixed financial holding company have the meaning assigned to them in the European Union (Insurance and Reinsurance) Regulations 2015. ]

Annotations:

Amendments:

F326

Inserted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(3), in effect as per reg. 1(2), subject to exception in reg. 1(3).