42.— Part IVA (inserted by section 42 of the Social Welfare and Pensions Act 2010) of the Principal Act is amended—

(a) by substituting the following section for section 53B:

“Certification of certain policies or contracts of assurance.

53B.— (1) The Board may certify a form of 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 the Board is satisfied that the form of policy or contract of assurance is designed—

(a) to provide the sums payable to the scheme in respect of some or all of the benefits in relation to a person who, under the scheme—

(i) is receiving benefits, or

(ii) has reached normal pensionable age,

or

(b) to discharge the liability of the scheme for some or all of the benefits payable 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 certification 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).

(4) Certification by the Board under subsection (1) shall be subject to such terms and conditions as the Board may consider appropriate.”,

(b) by substituting the following section for section 53C:

“Register of policies or contracts of assurance certified 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 certified 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).”,

and

(c) by repealing section 53D.