42.— The Principal Act is amended by inserting the following Part after Part IV:

“PART IVA

Approval of Certain Policies or Contracts of Assurance

Definition.

53A.— In this Part ‘undertaking’ means an undertaking within the meaning of the Insurance Act 1989.

Approval of policy or contract of assurance for discharge of benefits.

53B.— (1) The Board may approve a policy or contract of assurance, submitted to the Board by an undertaking in that behalf, in respect of schemes that are approved by the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997, where it is satisfied that the policy or contract of assurance secures the benefits payable—

(a) to the scheme in respect of a person who under the scheme—

(i) is receiving benefits, or

(ii) has reached normal pensionable age,

or

(b) to or in respect of a person who under a scheme—

(i) is receiving benefits, or

(ii) has reached normal pensionable age.

(2) For the purpose of obtaining approval under subsection (1) an undertaking shall furnish to the Board such information in such form as may be prescribed for the purposes of this section.

(3) A policy or contract of assurance referred to in subsection (1) may include a policy or contract of assurance which is referenced by—

(a) securities issued under section 54(1) of the Finance Act 1970 and known as bonds, or

(b) securities issued under the laws of a Member State (other than the State) that correspond to securities referred to in paragraph (a).

Register of Policies or Contracts of Assurance approved under section 53B.

53C.— The Board shall—

(a) keep a register in which there shall be entered such particulars as may be prescribed, for the purposes of this Part, in relation to policies or contracts of assurance that have been approved under section 53B and such register shall be open for inspection by any member of the public at all reasonable times on payment of such fee as the Board may determine, and

(b) maintain, in accordance with regulations, an up to date database of information relating to particulars referred to in paragraph (a).

Existing Policies or Contracts of Assurance.

53D.— (1) A policy or contract of assurance that has been approved by the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 shall, on the coming into operation of section 53B, be deemed to have been approved by the Board under that section.

(2) An undertaking shall, not later than 60 days after the coming into operation of section 53B, furnish information as may be prescribed, for the purposes of this section, to the Board in relation to a policy or contract of assurance referred to in subsection (1).”.