6. (1) In this section—

“relevant object” means the object (in furtherance of which this Act has been enacted) that information be made available to the State so as to enable the identification of factors that influence the cost of relevant non-life insurance business across—

(a) the various sectors of the economy, and

(b) the various situations in which individuals have recourse to providing themselves with insurance cover;

“relevant principle” means the principle that, on any given occasion of the duty under subsection (3) being carried out and taking account of any existing classes of non-life insurance standing specified, priority shall be given by the Bank to the specification of a class that, in the opinion of the Bank, having regard to—

(a) the cost of insurance, associated with that class, for a sector, or individuals in a situation, referred to in the definition of “relevant object” in this subsection, and

(b) the possible adverse effects of such cost for that sector or those individuals,

is most likely to further the relevant object;

“specification of a class” means the specification, by regulations under subsection (3), of one or more classes of non-life insurance to be relevant classes of non-life insurance for the purposes of this Act and a reference to a class standing specified shall be construed accordingly.

(2) Without prejudice to the provision made by subsection (3) for consultation with the Minister, the Bank, in forming the opinion referred to in the definition of “relevant principle” in subsection (1), shall give special consideration to any views expressed by the Minister to it, on reasonable notification being given to the Minister by the Bank of its intention to carry out its duty under subsection (3) (which reasonable notification to the Minister the Bank is required to give) as to that which, regarding the matter referred to in that definition, is most likely to further the relevant object.

(3) The Bank shall—

(a) after consultation with the Minister, and

(b) having had regard to the relevant object and the relevant principle,

make regulations specifying one or more classes of non-life insurance to be relevant classes of non-life insurance for the purposes of this Act.

(4) Without prejudice to the generality of section 23(1) of the Interpretation Act 2005, the duty imposed on the Bank by subsection (3) shall be carried out from time to time as occasion requires.